It’s easy to get caught up in the excitement of having your Boise property on the market and potential buyers checking it out, and forget about some of the stepping stones you’ll experience on your house sale journey. After an offer has been accepted, it’s critical to keep an eye on the larger picture, and we’re here to help with four things house sellers in Boise should know regarding inspections and appraisals.
One of These Things Is Not Like the Other
Inspections and appraisals are two separate walkthroughs that provide different results.
First, a qualified home inspector conducts an assessment to assess the home’s general condition and functionality. The inspector examines how the home’s utilities work while looking for any serious flaws that could have a significant negative influence on the new owner’s quality of life.
This protects the buyer by preventing them from acquiring a property with less evident but still significant defects, as well as teaching them on how to get the most out of their potential new home.
Appraisals, on the other hand, are used to determine the value of your Boise home. A qualified appraiser will come to the house to assess its general condition on the inside and out, noting any features such as chimneys, connected or detached garages, or replacement windows and doors. They then return to their office to conduct extensive research into the prices of comparable properties in your neighborhood in order to develop an all-encompassing study of your Boise property’s value.
In a nutshell, an inspection focuses on the structure and operation of a home, whereas an appraisal aims to get the best estimate of the property’s value.
Appraised and Market Value
Isn’t it true that if an appraisal is done to assess a Boise property’s value, that’s how much you can expect to obtain for your house?
Not necessarily.
Although an appraised value has been established, the true market worth of your Boise home is what matters most when it comes to selling it. The market value of your home is determined by how much your buyers are willing to pay for it.
Market value is based more on personally perceived value, feeling things out, and negotiating than on appraisals, which are more of an educated study. It’s a widespread fallacy among house sellers that they should receive offers that are equal to or better than the appraised value of their home.
To put it bluntly: things do not always work that way.
Are Both of These Necessary?
The short answer is yes, if both the buyer and the seller desire to go through a thorough and meticulous real estate process.
It’s also very likely that the average homebuyer will use a mortgage lender to finance their purchase. Before authorizing the buyer’s financing and allowing the transaction to close, most every lender will request both an inspection and an appraisal on the property.
The purpose for this is to protect the lender from any liability if they take over ownership of the property. A lender does not want to be saddled with a home that is physically unsafe and worth far less than the financing they gave to the buyer.
Preparation Is Key
As a seller, you want both the inspection and appraisal to go off without a hitch.
This could include modest repairs before putting your house on the market, a thorough deep cleaning and decluttering, mold removal, and landscaping improvements to increase curb appeal.
Every little bit will enhance the outcomes of both of these events, Boise House Buyers and it will undoubtedly make a significant impact in the ease and speed with which you can sell your property.
Guidance for Inspections and Appraisals in Boise
Contact us today at (208)314-1350 if you’re looking for someone to walk you through all of the inspections and appraisals that come with purchasing or selling a Boise house.