Home Inspections & Home Appraisal

Published: January 1, 2019
Author: Zachary Reed

A Video Walk-Through | The Complete Guide to Home Inspections & Home Appraisal

What Types of Home Inspections Are There?

During your inspection period we encourage clients to get any and all inspections they would like. There's a defined inspection period in the contract which all inspections must be done and any re-negotiation must be completed by.

Types of home inspections include but are not limited to:

  • Full Home Inspection
  • Radon
  • Mold & Allergy
  • Termite & Wood Destroying Insects
  • Septic Systems & Tank
  • Lead Based Paint

How Much is a Home Inspection?

Depending on what type of inspection, determines the exact cost. A typical "Full Home Inspection" will cost anywhere between $300 - $500. Things like size of house and plot size can impact the price if there's more square footage that needs inspected.

To view an estimated cost on Inspections from a local Kansas City Inspector, checkout this Inspectors website here.

It's good practice to get multiple quotes from preferred, highly recommended Inspectors. Typically, the inspection is paid on the day it's completed.

Why Get a Home Inspection?

A home inspector is a licensed professional that is capable of seeing things that could be overlooked or not noticed during the home preview step. Without requesting inspections, the house becomes purchased in a "as is " condition. The benefit of completing an inspection, allows the Buyers Agent more room to negotiate on behalf of the client for any serious problems that pop up.

Also, depending on the clients financing, the lender may need certain inspections completed. For instance, a VA loan usually required a "Wood Destroying Insect & Termite Inspection."

Can I Re-Negotiate Terms?

Yes. When there's a home inspection completed, a full detailed report arrives to the Agent & the buyer VIA Email. Together both Agent & buyer analyze the report and a list of "Unacceptable Conditions" are sent over to the seller for any issues that need attention. These conditions allow the seller to accept, counter or reject these terms all together.

Following the same Negotiation process from earlier steps, agents will negotiate back and forth until there's an agreement.

What is a Home Appraisal?

The Home Appraisal gets ordered from the lender when the home inspection period is over. An Appraisals purpose is to give the bank an estimated value of the home. The bank will not authorize a client to buy home without knowing how much it's worth.

An Appraiser will coordinate with the Listing Agent a date and time of appraisal. The Appraiser will generally compare the home to others that have sold within the previous 6 months that match the floor-plan, bedroom & bathroom amounts, and square footage.

Once completed, the Appraiser will send the report over to the lender for final review & approval. The buyers agent & the buyer get notified of the banks final decision.

How Much is a Home Appraisal?

Typically a home appraisal is no more $500; however, things like square footage and other factors can increase that estimation. The Appraisal is an out-of-pocket expense to the Buyer.

Checkout this link for 2018 Home Appraisal Costs: CLICK HERE

What Happens if The Home Doesn't Appraise At Value?

If the home doesn't appraise at the value you are "under contract" on, there are three options:

  1. The buyer can pay a cash difference for the amount at closing
  2. The seller can agree to drop the price of the home to match its value
  3. The buyer can completely walk away from the deal if there's no agreement

What is the Timeframe for an Appraisal?

Once the Appraiser completes the appraisal, it can take anywhere from 10-15 days to process and get approved.

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About The Author

Zachary Reed
Zachary Reed is an Entrepreneur located in Kansas City. With vast business knowledge and experience, Zach has the unique ability to solve large scale problems that face day-to-day operations of a growing company.
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© 2019 Zachary Reed, All Rights Reserved.
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