When buying or selling a home there are several other important people involved in the transaction that play a significant role in the process. Two of these professionals are Home Appraisers and Home Inspectors.
A Home Appraiser’s duty is to find the value of the property. Off-site they do a similar search to the one that a real estate agent will do to determine the list price of a home. By evaluating what has sold in the last six to twelve months in proximately to the home with similar features and amenities, the appraiser can get a general idea of the home’s value.
Then, they come on site to perform a very thorough room-by-room walk-through to determine interior state. They also examine the exterior condition of the home, it’s features and amenities, note any safety or health violations and record the layout of the property. All of these steps help them determine the true value of the property. An over priced home will not appraise for contacted value and either stall or stop the sale process.
A Home Inspector’s duty is to meticulously examine the home for any and all non-functioning systems, damages, or repairs that need to be made. They examine structural components, exterior faults, roofing, plumbing, electrical, insulation, ventilation, interior appliances, and more. They then turn in a report, which states all suggested repairs or additions/subtractions that should be made.
It then becomes a negotiating process with the buyer and seller as to who will make the repairs before the close date.
Typically the buyer’s lender requires an appraisal and the buyer’s realtor will encourage you to have an inspection. The buyer pays for both services unless the contract states otherwise.