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Additional Details
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Adam S | Should i have the home I'm purchasing inspected before I make my first offer? |
I'm buying a new home and need to know if I should have it appraised before I make my first offer. |
 |
 
glenn
 |
Why would you spend money on a home inspection when you don't have it locked in. Someone else could buy it!
Negotiate a contract subject to what you find in an inspection. Then use the inspection to force repairs or to back out of contract.
--------------------------------------...
I just reread your question and you do seem to be confused about the difference between an inspection and an appraisal. They are both important and should both be done even on a new house. I stand by my advice. I would not spend any money on a house until I have an accepted contract. I would make it subject to inspection and appraisal and me getting the loan I want and other things. You should have a Realtor write it up for you. |
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leonardhomes@sbcglobal.net
 |
Make your offer and once a offer is excepted then you have it inspected. If its a new home most come with a 1 year warranty. Your Mtg company will have an apprasial done. The inspection and apprasial are two different things. |
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chatsplas
 |
You are confusing appraisal and inspection. Appraisal determines value, price of house under current market conditions. Inspection determines condition of home, it's components. Appraisal is generally part of the loan process AFTER you offer is accepted. Inspection generally happens immediately after your offer is accepted, and you can withdraw from purchase within set # of days if inspection is bad. Lender will require appraisal and arrange for it. You should require an inspection in your offer, and you should accompany the inspector, to learn as much as possible about your potential new home. A home is your largest purchase, and you SHOULD have a full professional inspection before proceeding. |
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estielmo
|
No. You make the offer and be sure it contains clauses that allow for inspections and the availability of favorable mortgage terms. Your agent will tell you all about this. DO NOT depend on their agent, their job is to get the highest price possible with the least hassle for the seller. You need someone to protect your interests. |
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betotron don
 |
for sure...its a buyers market...be careful! |
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buddyhing
|
Without a doubt. Every time.
It may cost a couple of hundred, and you may decide not to go ahead with the purchase, but isn't that a small price to pay when it could save you potentially thousands? |
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An0nym0us mAn1Ac
|
Appraisal is different than an inspection.
An inspection is a knowledgeable person coming in the home to inspect for any problems. Things like water leaks, problems with the foundation, basically the house as a whole.
An appraisal is simple a real estate person coming in, looking at the house and telling you what the market value is.
I would highly recommend that you get an Inspection done before signing any papers.
You can make an offer and have a condition attached to it saying "Pending inspection" or something like that. |
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Pippa K
|
Yes, have your new home inspected. Check with your real estate agent on whether you can have the home inspected before an offer. If not, be sure that the real estate agency rules are clear that when you make an offer, you can remove your offer within a reasonable amount of time if home inspection comes with circumstances.
The home inspector will educate you about the conditions of your new home. Remember, you are excited about the prospect of becoming an homeowner that you may have overlooked other details. Find a home inspector who is a member of the American Society of Home Inspectors(ASHI). An ASHI member will provide you with a comprehensive report about your home major systems and components. ASHI can be found online (www.ashi.org) or in a local phone book. And be sure the home inspector of your choice is certified by your state's licensing board. Go to www.state.gov, where "state" is the name of your state. (Example: www.illinois.gov.) Prevent having a huge repair expenditure due on the same date as your mortgage. Don't be pennywise and pound foolish. Good Fortune, homeowner. |
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Butternut27
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In this market I would...it may loose you a few hundred if you don't buy it but its better than loosing more..also if its downvalued lenders now in todays market ask you to make up the difference or renegoitate the price..be safe...look out for yourself coz no one out there will esp when it comes to making a quick buck...good luck |
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Eurogirl
|
In order to know that this house (which one you're planning to buy) has no defects, you need to inspect this house before you will submit your 1st offer (this is what our bank and realtor suggested to us). Maybe it looks nice but has some problems ( roof, plumbings,flooring,AC, heater). The inspection can take up to 2 hours, but you can be present during this inspections and for example, our inspector went through every thing in the house, took pictures and gave us a very nice report. And told us how much we should ask the seller for repairs or drop in the asking price.
I paid around $500 (with termite inspection) in the state of Texas. After we inspected the home only then we made our first offer.
I hope it helps,
Eurogirl |
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aplus80
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Defintely! Better safe than sorry. You never now what's wrong with the house. Plus, the owner may not even tell you what is wrong. |
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