In buying a home, after your purchase offer is accepted, your loan application will be reviewed. At the same time, an appraisal and an inspection must take place.
The appraisal is an evaluation of the property's value. The appraiser visits the house and reviews recent selling prices of similar houses in the area. Though appraising is not an exact science, it is crucial to the selling, buying, and refinancing process.
Moreover, the appraisal process has been dramatically changed in the past year. As a result of a compromise agreement between the New York Attorney General and the major mortgage secondary lenders such as Fannie Mae and Freddie Mac, mortgage lenders have much less impact on how appraisals should come in. You will probably pay the appraisal fee at closing or before.
Most lenders are now required to follow what is known as the Home Valuation Code of Conduct. Perhaps the most significant part of this new code is that mortgage lenders cannot select an appraiser. The lender must contact an appraisal company which would assign an independent appraiser to prepare the evaluation report.
The inspection is an evaluation of the property to find out if there any problems with it that could change its value. The inspection also help you to decide if there any items บ้านมือสอง กรุงเทพ that you want the seller to repair before the final contract is signed. The inspector is expected to carefully examine the entire house, inside and out. Then he writes up a detailed report that indicates any problems found.
The buyer generally hires the inspector. Because the inspector is an important member of your home buying team, you want someone who is trustworthy and experience. Referral may come from recent home buyers, your realtor, and or your lender. Review a sample of each candidate's previous report for thoroughness. Be sure that the inspector you choose lets you go to the inspection. Walking through the house together will give you a hands-on feel for what is right or wrong with it. A good inspector would check the entire house from top to bottom for:
General condition of the property. Electrical system. Heating and cooling systems. Exterior structure, possible water damage, garage door, roof, and chimney. Pest Control. Interior structure; insulation, foundation, windows, and doors. Risk of earthquakes. Risk of landslides.
In addition, most areas require a termite inspection. If termites are found, you must have proof that the house has been treated and that any termite damage had been repaired. This is usually the seller's responsibility.
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