What is the difference between home inspection and appraisal when buying a house in Phoenix AZ?
When you buying a house in Phoenix, you may receive two property-related report to consider – The Home Inspection Report and Home Appraisal Report. These reports serve completely different purposes. Inspection report maybe optional for some buyer, but not advise-able. Appraisal is compulsory, if you are buying with a financing.
Home Inspection
What is home inspection for?
Home inspection is to determine property condition. Home inspection is ordered by buyer, sometimes with help from your Realtor. The purpose of home inspection is to determine the conditions of the property and its system. Although home inspection is optional, it is highly not recommended not to have one done. After all, you want to know what you are buying.
Read why you should get an inspection when buying a home in Phoenix AZ?
How much does home inspection cost?
Home inspection cost is varies by the complexity of the inspection and the size of the property. Older home tend to be more expansive. Typically home inspection cost is ranging between $300 to $550. You will pay the inspection fees after inspection is completed.
When home inspection is ordered?
A home inspection is ordered by buyer and his/her agent with an inspector of their choosing shortly after buyer’s offer is accepted. Arizone Residential Purchase Contract stated inspection shall be done within the 10 days period after contract acceptance, unless stated otherwise.
When home inspection report will be available?
The home inspection report is generally delivered to the buyer within 24 hours after inspection is completed. Inspection report is delivered to buyer directly.
Home Appraisal
What is home appraisal for?
If you are buying home with financing, your lender will require home appraisal. Home appraisal is used to determine the fair market value and general physical conditions of the property. Appraisal will help you are not losing money at the time of the purchase. You do not want to buy a $190,000 home for $200,000. Your lender also do not want to lend you the money for more than it worth. If you are buying a home with FHA loan, the FHA appraisal will ensure the property meet its minimum standards of safety, security and soundness. You might be interested: Common FHA Appraisal Repairs
Read what is an appraisal when buying a house in Phoenix AZ?
How much does home appraisal cost?
Home appraisal cost vary slightly depending on the size of the home and the purpose of the purchase. If you are buying an investment home, your lender might require additional appraisal for rent schedule. Typically home appraisal cost is ranging between $300 to $500.
When home appraisal is ordered?
Appraisal typically is ordered after inspection is completed. After both buyer and seller are agreed on repair, if any, buyer will request lender to order appraisal. Appraiser is randomly assign to perform the appraisal. Your lender may require to pay the appraisal fees when you are ordering it.
When home appraisal report will be available?
Typically the appraisal report will be ready within 5 to 7 days from the time it is ordered. Appraisal report will be delivered to your lender directly. Lender will then deliver appraisal report to buyer.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ and surrounding area, we hope you will consider us. Contact us today for complimentary consultation.
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