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Appraisal,
Survey, Inspection and Warranties - Real Estate
As
your transaction gets underway your Realtor and Lender will discuss
some necessary and optional items and reports with you. Below are
brief details of these items. Depending
on the type of loan program you decide to use, your lender may require
a property appraisal to determine the value of the property you
are using for collateral. The appraiser will use sales of similar
properties in the same area from the past 6-12 months to determine
the value of the subject property. The appraiser also looks for
and notes specific types of repairs that must be completed before
the loan can close. Realtors will sometime refer to these repairs
as “Lender Required Repairs”. A
survey is a drawing or map showing the precise legal boundaries
of a property, the location of improvements, easements, rights of
way, encroachments and other physical features. On occasion the
previous survey from the last time the property was sold can be
used in lieu of a new survey IF there have been NO changes made
to the property As
a Buyer you will most definitely want to hire a licensed home inspector
to look at the property you are considering. The home inspector
is trained to look at all the major systems in the home, roof, exterior,
interior, and will also go into the attic and/or crawl space to
look for items needing repair. The inspection results will be in
writing and can be used as a negotiating tool when dealing with
the Seller during the Option Period. A Home Warranty is a type of insurance that you can purchase or ask for the Seller to purchase on the home you are buying. It typically covers items such as AC/heating unit, hot water heater, built-in appliances, and some plumbing and electrical. The average basic home warranty will cost around $350. For an additional cost other items can be included such as swimming pool and equipment, refrigerator, termite damage, washer and dryer, and garage door opener. Your Realtor can assist you in negotiating for a home warranty.
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Lisa Jay is a licensed Realtor in the State of Texas.
Member of the Fort Hood Area Association of Realtors®
Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company.
Equal Housing Opportunity. Each Office Is Independently Owned And Operated.
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