Appraisals and Inspections, 2 important steps for home buyers

The following information is the fifth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tips #11 through 15.

For a FREE Buyer’s Guide, Email KTorline@msn.com

11. When making an offer to purchase a home, consider any minor repairs or defects when determining your offer parkside-7-percent price. If there are items you wish to be resolved at the time of purchase, include those items on the Purchase Contract.

12. Understand that the appraiser and the inspector are two different people. The appraiser is hired by the lender to determine whether sufficient market value in the property warrants making the requested loan. The home inspector is hired by the homebuyer to conduct a general home inspection, or a more specific inspection for environmental issues, such as lead-based paint, radon, asbestos, mold, etc.

Home inspectors are NOT licensed in Colorado. and you should choose a home inspector who is a member of the American Society of Home Inspectors (ASHI). (See my previous post: One way to find a good home inspector)

13. Attend the property inspections. A good inspector will show you problems and potential problems with a property, but will also give you tips on how to care for a house.

14. Request that the sellers leave the owners manuals in the house, or ask the sellers to bring such manuals to the closing. (It’s nice to have the owners manuals for the appliances, heater, hot water heater, etc.)

15. Schedule a final walk-through with your Colorado Springs Realtor prior to closing. It is extremely important in order to avoid confusion and to ensure items are still in working order and that requirements for repair/replacement contained in the Purchase Contract and Amendment have been satisfied.

Remember, knowledge is power!

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