The moment home owners decide to list their property in real estate market, inspection as well as home appraisal requests are expected. Sellers dreaded inspection and home appraisal especially if the property is old and has a lot of problems. Their apprehension is high when they encountered problems while living in it and did not do anything about it.
Ancestral houses are money pit especially when there is a termite, structural, electrical and plumbing problems. If the square footage is huge and the owner lack the financial aspect to renovate and fix the problem, the value of the property is not favorable even if it is located in a great neighborhood. Someone might buy the property as a fixer-upper so; the buyer will offer way low of the asking price.
In some cases, if there are multiple offers, sellers will be lucky to get the asking price. If the property is sold then come the home inspection and the home appraisal. If they accepted a cash buyer, it will be easy to negotiate than someone who is not. The bank of the home loan buyers will definitely ask for home appraisal. When the appraised value is available, seller has no control over it. Seller usually stick to the asking price regardless of the appraised value.
Ancestral houses are money pit especially when there is a termite, structural, electrical and plumbing problems. If the square footage is huge and the owner lack the financial aspect to renovate and fix the problem, the value of the property is not favorable even if it is located in a great neighborhood. Someone might buy the property as a fixer-upper so; the buyer will offer way low of the asking price.
In some cases, if there are multiple offers, sellers will be lucky to get the asking price. If the property is sold then come the home inspection and the home appraisal. If they accepted a cash buyer, it will be easy to negotiate than someone who is not. The bank of the home loan buyers will definitely ask for home appraisal. When the appraised value is available, seller has no control over it. Seller usually stick to the asking price regardless of the appraised value.
Home Buyers Point of View:
Finding a property that has the charm and potential can be the home buyer's delight. Home buyer loves to find a property that is in a great neighborhood, appealing lay-out, huge square footage, big backyard and with in their price range.
Cosmetic fixes are inexpensive so; a fixer-upper or foreclosure is an ideal property to buy. There is a need for buyers to request a home inspection and if possible a home appraisal to make sure that the purchase is worth the money they are paying for.
If the appraised value is low then, the bank could only loan the money equal to the appraised value. The buyer can either stick to the contract and put up the extra money or walk away.
Cosmetic fixes are inexpensive so; a fixer-upper or foreclosure is an ideal property to buy. There is a need for buyers to request a home inspection and if possible a home appraisal to make sure that the purchase is worth the money they are paying for.
If the appraised value is low then, the bank could only loan the money equal to the appraised value. The buyer can either stick to the contract and put up the extra money or walk away.
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