A Guide to Inspections and Appraisals
Buyer’s Responsibility
Inspections:
Most buyers in the Denver metro areas conduct property inspections within the agreed timeframe. They hire licensed property inspectors to perform comprehensive home inspections. Additionally, they often choose specialized inspections, such as Radon Gas, Sewer Line Scope, and structural assessments.
Appraisals:
Appraisers, required for financed agreements, assess property value, offering assurance to lending institutions regarding the property’s accurate valuation. It’s essential to note that the primary value is what a buyer is willing to pay. However, lenders mandate appraisals to limit their risk.
The Role of the Closing Agent
Sellers typically select the title company. A designated closer verifies clear title ownership. They meticulously examine the property’s historical records to confirm a title free from encumbrances, ensuring appropriate recording of any new encumbrances.
Understanding Contingencies
In addition, Contingencies are conditions that must be met for a contract to legally bind. Buyers commonly include a contingency that necessitates a satisfactory home inspection report. They meticulously review property aspects, addressing financing, insurance, document reviews, and comprehensive property inspections, as specified in the purchase agreements.
Responding to Inspection Objections
Following thorough inspections, buyers may either proceed by removing contingencies or request repairs to be made. In these situations, the guidance of a professional listing agent becomes indispensable. With Ricky Schoonover’s extensive experience in property sales, our commitment is to achieve the best outcomes for every client. Remember, I’m your advocate.
Loan Approval and Appraisal
Consequently, It’s advisable to consider buyers with lender pre-approval, approval letters, or written loan commitments, which offer stronger guarantees than pre-qualifications. Expect the lender’s appraiser to assess your property to confirm its appropriate sales price.
