{This is a guest post.}
Mark Brandon is an expert on home safety. He discusses inspection and appraisals in his blog Safe and Sound Property Inspections. Being a friend of this site, he shares his knowledge on the importance of home appraisers when it comes to determining the value of a home that is to be purchased.
During inspection, home appraisers tell you how much the home is worth. The price that they dictate determines whether you invest in the house or not. Home appraisers can derail your decision on the home purchase simply because the inspection leads to a disastrous discovery. This makes having home appraisers worth inspecting the home to begin with. You wouldn’t want to buy a house and discover that it is a rundown somewhere in the future. Houston appraiser can efficiently assist you with your appraisal needs.
Home buyers and sellers must understand real estate appraisals. This prepares them on how to maximize the value of the appraised home. Nowadays, the real estate market must have enough information and knowledge in the difference between qualifying the mortgage and not quantifying it.
Before you hire, the home appraisers must be licensed in the state where they are working. They are required to follow various government requirements. Most states, but not all, require that the home appraisers are licensed. Be sure that the home appraisers you are working with are certified and is adept in appropriate trade.
Home Appraisers make detailed investigation of the home and assesses the worth of the property. The sellers occasionally hire the home inspectors to complete the preliminary reports and also identify the problems of the house that is currently for sale. They examine potential problems and also conduct property inspection even before there is a contract. If the geographic area is known to have termites or any pest, then the home inspector closely looks into the house that is for sale, checking whether it has been infected or not. They are required to supply a termite report after inspection. Go to https://pestcontrolexterminate.com/thornhill/ for more details. The worst pest you can find in your home are bed bugs, you should definitely seek professional services to help you get rid of them fast.
Home Appraisers confirm that the property is in livable condition. They also confirm if the reported square footage is accurate and if all rooms do not have damage. If the rooms have damage, then the value is affected. The home appraisers also verify reported upgrades and note the permanent features to a home that affect the value. These permanent features include built-in kitchen appliances. Items that can be removed are not included in the appraised value. Home appraisers check the basement as well as the working furnace. They also inspect the front and back of the house.
Home appraisers look at things that may present health or safety issues after the home purchase has been made. These are cracked foundation, broken plumbing or exposed wires. Either the home appraisers contact the necessary professionals to fix these or the value of the home will decrease and the buyer will have to fix it himself. Home appraisers also make sure that there is a functioning heating system and running water. If not, then they make recommendations for the repairs. They also make sure that there are no traces of asbestos that are hazardous to the buyer’s health.
Upon checking the information stated above, the home appraisers coordinate with the lenders and they calculate how much the home should go for. Buyers and sellers agree to a sales price of the home. However, lenders do not automatically agree because they base the amount that the appraiser is willing to lend. The buyer must then come up with the money that covers the difference. That being said, home appraisers are critical elements in the process of buying and selling homes because the buyers, sellers and lenders all depend on him to determine the value of the home.
The bottom line is, once the final cost and value have been calculated, then the lender, broker, seller, and buyer are aware of the estimate and the market value of the property. Appraisers have been accused of not inspecting the home accurately but despite public knowledge, they follow consistent guidelines and have professional discretion on how to go about their job. Appraisers use a standard form and the most common type of report for every family home.
Author: Mark Brandon
Mark Brandon is a regular contributor to Safe and Sound Property Inspections blog and other home improvement sites. He is very family-oriented and loves being in the shed or help his mates with their houses. You can catch him via Google+ or Twitter: @MarkBrandon01
