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 the price isn’t a good strategy. It’s not often that the home inspection greatly affects the sale price. That has generally been negotiated before the inspection and the inspection is used to validate the home’s apparent condition. The role of the home inspection is to protect the buyer from inheriting major issues along with his purchase. On the other hand, the appraisal ensures a borrower does not pay more than they should and it determines the market value of the house based on comparable sales in the area, square footage, the number of bedrooms, bathrooms, etc. 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. Home inspections focus on home conditions. If those conditions aren’t obvious, the appraiser won’t factor them into the market price of the home. For example, a tilted facade and moldy basement are highly noticeable and will be reflected in the appraisal; however, not-to-code electric wiring and condition of the insulation or foundation may not. It is rare, but some lenders may require a home inspection along with the appraisal, as they have specific requirements of what should and shouldn’t be in the house. An inspection with any red flags may not be approved until all items are eliminated.
Happy Buying!!!
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