of other problems, and it is hard to estimate how much it will cost, walk away. Consider the pros and cons carefully, and listen to your real estate team’s advice. They are usually more experienced and may explain to you the advantages and disadvantages better than anyone else. Also, listen to your gut. If the doubts and uncertainties are too anxiety-provoking, it might be better to turn it down and start over.
CAN INSPECTIONS AFFECT THE H NS AFFECT THE HOUSE VALUE?
The short answer is “Yes, they can,” but don’t count on it too much. Thinking of the inspection period as another chance to revisit price isn’t a good strategy and in Illinois, it is no strategy at all. The price is negotiated before the inspection and the inspection is used to validate the home’s apparent condition and perhaps negotiate some repairs and or credits. The role of the home inspection is to protect the buyer from inheriting major issues along with his or her purchase. Home appraisal, on the other hand, ensures a lender does not lend more than they should. During the appraisal, the appraiser determines the market value of the house based on its square footage, the number of rooms, bathrooms, size of the lot, garage, and many more amenities. The appraiser uses analytic data based on home features, comparable sales (“comps”) in the area, and other pricing factors to set a value or market price, and makes his summary based on complex mathematical calculations. Home inspections focus on home conditions. If those conditions aren’t obvious, the home appraiser won’t factor them into the
97
Powered by FlippingBook