Appraisal and Inspections

Most Buyers will have the property inspected by a licensed property inspector within the time frame that was agreed upon in the Contract of Sale. Some Buyers will have several different inspectors inspect the property to obtain professional opinions from those who specialize in a specific area (roof, HVAC, chimney, etc.). Depending on the outcome of these inspections, one of two things may happen: Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to settlement or the buyer, after reviewing the property and inspection results, requests a renegotiation of the terms of contract (usually the price or requesting a Seller Subsidy). The listing agent should perform the following tasks at this stage:

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• Scheduling and meeting inspectors (home, lead, radon, well, septic, oil tank, etc.)

• Ability to monitor the time deadlines to which the Seller is contractually bound

• Explain results of inspections to Seller, respond to all inspections on time and negotiate results of inspections

• Monitor any repairs as a result of inspections

• Provide assistance in the mortgage process

• Meet with appraiser and provide comparable property data for their use to help them value the property  

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Appraisal:

If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution or if the contract is a cash offer, the buyers may want to have an appraisal to ascertain the market value of the property. This is done so the lending institution can confirm the accuracy of their investment in your property and to determine if the sales price is appropriate.