Who Pays for Home Appraisals?
The buyer usually pays the fee at closing, although the seller can opt to pay it up-front. Typically, appraisals cost a few hundred dollars, although the property value, location and size can impact that cost.
How Long Do Home Appraisals Take?
A typical property assessment takes a few hours — and if you’re a buyer, you’re encouraged to stick around since it’s a great opportunity to learn more about the house! The reports can be expected within seven business days, though a busy market can slow turnaround times. The appraiser provides the final report to the lender, who will share it with the buyer.
What Is a Home Inspection?
A home inspection is an examination of the condition of a home that helps identify any damage or repairs needed before the sale of a home. While it’s important for you to pay attention to potential damage in each home you visit, a home inspection is conducted by a certified home inspector.
What to Expect From a Home Inspection
A home inspector does a thorough examination of your home that includes looking at its exterior and interior. They’ll take a close look at the home’s structural integrity, the roof, plumbing and electricity, and many other features of the home.