Which should come first? Appraisal or Inspection? (loan, lender, contract)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If doing an inspection, and i would advise that you do, do it before the appraisal. No reason to pay for an appraisal on a home if it doesnt pass a home inspection. Like prior posters said, the inspection is optional, but before i spend hundreds of thousands of dollars on a home, i want to have a inspection done by a professional home inspector.
If the contract is contingent upon an inspection, it should be done first. If the home inspection is for informational purposes only, they should be ordered simultaneously.
They are independent of each other - the inspection to pick the place apart for flaws and is a report prepared (and owned) by the buyer. The appraisal is for market value and and is prepared (and owned) by the lender.
If there are problems, let the appraiser have a copy of the inspection report. A foundation or roof or other serious problem may very well affect value.
Buying a home, which should be done first? The Appraisal, or the home inspection??
In most cases, you aren't going to have a lot of flexibility in the matter. Your contract probably states that the purchase in contingent upon getting a mortgage loan, and that you will make immediate application for said loan. Your lender will contract an appraiser on THEIR timeframe, and then bill you for it. Your contract also probably says that you have the right to conduct an inspection, that it must be complete within a certain period of time (usually 10 -14 days here), and that if you are asking for any repairs or repair allowances, the inspection report and the accompanying request must be delivered to the seller within a short period of time after the inspection is complete. So, in reality, you will most likely be doing these things SIMULTANEOUSLY, not consecutively.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
