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May 24, 2007

Home Appraisal vs. Home Inspection

A residential real estate appraiser is hired by the lender to provide written documentation of the value of a home. It is an unbiased estimate which helps to establish the market value of your home. That value is what the lender bases your loan upon.

A professional home inspector is hired by you as the buyer. A home inspection is recommended because it involves an examination of the home’s major building systems and components. It provides the buyer with useful information about the condition of the residence and helps to identify any major deficiencies in the home’s structure, its systems and components. An inspector is a trained professional who has been trained to examine the visual condition of residential properties and determine if they are free of discoverable major mechanical issues relating to the heating, plumbing, or electrical units or any major structural concerns relating to walls, roofing, foundation, etc. The inspection is important and you as a buyer should make every effort to be present during it so you are an informed buyer. This is a great opportunity to learn about the home and how to maintain it. A thorough inspection will cover the heating and air conditioning units, the electrical and plumbing systems, the gutters and downspouts, the roof, attic, insulation, walls, ceilings, doors, windows, garages, outbuildings, basements, foundations and drainage systems.

Before hiring an inspector, keep these questions handy for them: How long have they been in business as a professional home inspector? How long will the inspection take? (the average is approximately 2 hours). What is the total cost? What is included in the inspection? (does it cover all of the above structural and mechanical components?) What type of report should you expect from them for their fee? Are you able to attend the inspection with them? Do they have any references that you may contact? Remember, this is a valuable education process for you as the buyer and an important step before proceeding with a home purchase.

When you are ready to sell your home contact Betty Gustoff at 515-314-0870 or Jody Shaffer-McCoy at 515-229-2002 for a free credit approval.

Also when you sell your home thru Next Generation Realty and obtain a mortgage with Bankers Trust you will receive your Appraisal FREE. To makes things better…if your seller obtains a mortgage with Bankers Trust they will also receive a FREE Appraisal.

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