Q: What information do I need to know about a home appraisal and home inspections?

A: A home appraiser determines the value of your home (as of the current point in time) and a home inspection determines the condition of a structure. While appraisal are primarily for lenders, they also ensure a buyer does not overpay for a property. Home inspections are for buyers.

A home appraisal includes details about the house, a description of the neighborhood, a side-by side comparison of similar properties. It also contains an evaluation of the area's real estate market, notations of major problems with the property that may affect its value and an estimate of the expected time it could take to sell the property. You should have your lender order the appraisal, and you are entitled to obtain a copy of it.

This day, we are also seeing home owners and sellers order appraisals for their own knowledge. it can be very challenging to sell a home for an amount higher than the appraiser, so realistic expectations can be also be defined with an appraisal.

A home inspection is an evaluation of a home's condition that may identify improper building practices or the need for repairs, as well as fire, safety and health hazards. You should always include an inspection contingency (or due diligence period) in your offer to purchase. The information will help you determine how much you're willing to pay for a  home, and what repairs will be necessary and whether or not you want to walk away from the deal.

If you have more questions, or need capable and trustworthy representation, please call Coastwalk Real Estate at 910-458-9119

Serving Wilmington, Carolina Beach, Kure Beach, Wrightsville Beach and Leland!