In this short question and answer topic we cover inspections and appraisals, and whether or not sellers are advised to attend.
Can I attend my buyer's inspection?
A home inspection is conducted by a licensed home inspector in order to assess the physical condition of the property. We generally advise our selling clients to vacate their property during the home inspection so the buyer, buyer agent, and inspector can speak freely about any issues that are found during the inspection. This is the commonly accepted etiquette in our market. If questions arise during the inspection which the seller is capable of addressing (for example, when was the furnace last serviced or the roof last replaced), these questions can be addressed shortly after the inspection takes place.
Can I attend my buyer's appraisal?
An appraisal takes place as part of the underwriting process for the buyer's loan. During the appraisal process, a licensed appraiser will visit the home and review MLS sales data in order to render an opinion on the property's value. Unlike the home inspection, we very often advise our sellersto be present when the appraiser visits their home. By being present for the appraiser's visit, our clients can educate the appraiser on their home's features and upgrades, and in the process protect against a low appraisal. Low appraisals have become an issue in our market, especially for condos, where appraisers sometimes have a hard time using MLS sales history to justify the contract price in an offer to purchase.
For more information on inspections and appraisals
Check out these recent topics:
- How are inspections, assessments and appraisals different?
- Seven ways to protect your listing from a low appraisal
- Negotiating repairs after a home inspection
You'll find many more helpful real estate ideas and tips in all of our recent articles for buyers and sellers.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711
