Inspections & Appraisals
What is the difference between a home inspection and an appraisal? Why does the buyer of my home need to have both? We have those answers for you as well as some tips to help guide the process for you as a seller.
What is a home inspection?
“A home inspection is a visual inspection of the structure and components of a home to find items that are not performing correctly or items that are unsafe. If a problem or a symptom of a problem is found the home inspector will include a description of the problem in a written report and may recommend further evaluation.”
From 1stinspections.com
Home inspection vs. appraisal
“An appraisal isn't a substitute for a professional home inspection, in fact they have some key differences. The appraiser formulates an opinion of the property's value for the lender, while the inspector educates the buyer about the condition of the home and its major components. The appraiser is primarily focused on the value of the home whereas the inspector keys in on the home's condition with an eye toward both existing and potential future problems.”
From Realtor.com – “Appraisal vs Inspection: What is the Difference” by Dierdre Wollard |May 8, 2013. |Marcie Geffner contributed to this post.
Home Inspection Guidelines for Sellers
To assist the home inspector, and prevent an appraiser’s potential $100 return trip fee to re-inspect, the following guidelines will help ensure a successful home inspection & appraisal.
Seller Guidelines for a Successful Inspection
The Appraisal Process
"Appraisers use a variety of factors in their decision making. They weigh the location of the home, its proximity to desirable schools and other public facilities, the size of the lot, the size and condition of the home itself and recent sales prices of comparable properties, among other factors. Appraisers aren't interested in whether or not the house is clean, but they do notice signs of neglect such as cracked walls, chipped paint, broken windows, torn carpets, damaged flooring, and inoperable appliances.
If the buyer is applying for a mortgage that will be insured by the Federal Housing Administration (FHA), the appraiser must survey the physical condition of the home and disclose potential problems to the buyer. No such obligation exists for non-FHA mortgages.
If a home receives an appraisal lower than the purchase price there are some ways the purchase can still go through. The seller can reduce the purchase price, the buyer could make a bigger down payment, or the buyer and seller can split the difference between contract price and appraisal price."
From Realtor.com – “Appraisal vs Inspection: What's the Difference?” |By Deirdre Woollard | May 8, 2013 | Marcie Geffner contributed to this post.
What Does an FHA / VA Appraiser Look For?
Most items found on the attached checklist will also be addressed by the home inspector, but the buyer may or may not ask for them to be repaired. With an FHA, VA or other government backed loan, these items MUST be remedied for the loan to be approved. It would be good to address these prior to the appraiser coming out.
Click on the attached list to see what items and FHA / VA appraiser will be looking for when viewing your home.
FHA / VA Appraiser Checklist
Testimonials
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“I received outstanding service, especially being out of state on my second house sale with Tom and Mary Kay. Creative and honest when the house didn’t sell [during the market crash], Tom assisted with a one year great rental. Mary Kay gave great customer service – always available to help and very resourceful with helpful tips to protect myself. Tom and Mary Kay are a fabulous team!”
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- Sharon B
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This was the THIRD property Tom & his Team sold for us. In our forty years of buying and selling houses, no other Realtor comes close to matching Tom's professionalism, knowledge of the market and reputation. If you need a Realtor in Cincinnati, look no further...Tom is your man!
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- Kim S.
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“Tom has helped my parents in the past and has done a great job. I knew I could trust him. He explained the whole process well – especially for us as first time home buyers. He gained our trust so we could ask for his opinion and believe his answers.”
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- Danielle P
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Tom shared his observations and made good suggestions. He was patient, thorough, and respected our decisions. He did not pressure us to buy, even in a competitive market. Tom was available to us and answered all our questions in a timely manner. Best of all, he made our dream house a reality!
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- Pete K
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“Whenever we had a problem or question, Tom was right on it for us. He is such a “people person” and we always feel like “family” whenever we call him.”
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- Ellen K
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“Thank you for all your hard work in selling my condo and finding another for me. I love my [new] condo and everything about the area. If the opportunity comes up, I will HIGHLY RECOMMEND The Tom Johansing Team. God bless you all.”
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- Mary Lou T
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“Prompt phone calls, emails, text messages with selling process. Contacted prospective contractors for estimates for us and met with them and asked them pertinent questions.”
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- Chris S
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Tom Johansing and his Team went above and beyond to help me sell 3 properties in the past 5 years. I will keep coming back to them for all my real estate needs.
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- Tim S
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“Constant communication and follow up – Tom’s whole team is wonderful”
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- Brandon K
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“Tom Johansing and his team were an absolute dream to work with in selling my mother's home and childhood home over the past year. My wife and I have worked with a half dozen realtors over the past 30 years, and none come even close to matching the level of professionalism, market knowledge, and customer service provided by Tom and his Team, each going far beyond the typical responsibilities taken on by a realty team in selling a house. If you are in need of an excellent realtor to work with, you do not need to look any further! Hire The Tom Johansing Team. You will not regret it!”
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- Tim S.
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“Tom was prompt, pleasant and knew the area well.”
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- Mel K
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“Tom got information needed back to me quickly. He helped me get someone to do work on the house.”
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- Al B
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“Tom was my constant ally and advocate. He advised me every step of the way and was patient beyond belief allowing me to find MY home. He paid attention to every detail on my behalf.”
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- Carolyn H
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“As an out of state buyer, the showing-to-closing process was very smooth. Their willingness to continue to assist me through numerous questions and referrals after the closing has been golden.”
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- Kathy A
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“I know many people who have used Tom and all had good experiences. He promptly returned all messages and calls; gave a backup contact to help if Tom was not available; the documents showing what to expect were very helpful. Great experience!”
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- Amanda G
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“It was a pleasure to work with you and your staff and I really love that Mary Kay sent me the pictures of our house!”
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- Dolores N
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“Tom has always handled our real estate needs. He has been a friend for years. Mary Kay was a JOY to work with.”
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- Charlene R
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I knew the minute I spoke with Erin on the phone that we were destined to be friends! I absolutely adore her and working with her was such a pleasure. I wish every transaction had an Erin on the other side!
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- Fellow Agent
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“We were blown away by Tom’s person touch from the very beginning. Tom went through the contract and explained it line-by-line. It was a big help.”
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- CJ W
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“Tom made us feel comfortable with the home buying process. He explained the process of buying a house and was available when we had questions.”
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- Jared O
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