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Inspection and Appraisal Article Archive:

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Featured Inspection and Appraisal Articles:

Finding the Right Inspection and Appraisal Company

By Jennifer Weldon

Whether you are readying your home to sell, refinancing your current mortgage, or buying a new home, many homeowners will have the need of an inspection and appraisal company. You will need to find the right professional services company to handle your job to get satisfactory results.

Inspection Companies
An inspection company is often hired by a home buyer to inspect the home being purchased. The company compiles a list of everything it checks; including where any deficiencies are found, what items need to be corrected, and what items need further professional opinions. The buyer then knows the state of the home they are purchasing. More and more homeowners are paying for home inspections before they list their homes to sell. This way, they can correct all of the items on the list before a sale occurs. They can then better market their home and ensure a quick closing to a potential buyer.

Appraisal Companies
Appraisal companies are hired to give a fair market value on a home. Homeowners can order an appraisal to see what their home is worth for purposes of refinancing or selling. Lenders will also order appraisals to approve loans for home buyers and home refinancers. The appraiser will inspect the property, as well as up to three other comparable properties. By evaluating what these comparable properties sold for in relation to what the subject property does or does not have, a fair market value is arrived at.

Licensing
Both home inspection companies and appraisal companies are required by most state laws to obtain a license. The licensing procedure may include classes, testing, and even an on the job apprenticeship. In this way, you can be sure that a licensed appraiser and home inspector have the skills, knowledge, and experience to perform what you are paying them to perform. These jobs can have significant impacts on homeowners. A home appraiser who doesn't make an accurate appraisal can cause your home refinancing loan to be denied. A home inspector who misses major deficiencies in a home can cause you to overpay for a home that needs a lot of repair work. Because of the gravity of what they are expected to do, only choose from licensed and professional home inspection and appraisal companies.

Interview
You should always interview an appraiser or home inspector before hiring them. Questions to ask include their experience and skill level. Appraisers should be familiar with your neighborhood and the local housing market so they understand housing values. Home inspectors should have a wide range of knowledge of home construction and be up to date on local building codes. Request referrals from them to ensure they have been working in the past few months so they know what is going on in the housing market and the construction field.

Finding the right home inspection and appraisal companies are very important when buying, selling, and refinancing your home. Only choose a reputable company that has experience in your local market. Both of these tasks will take several hours, so be wary of any professional who claims to be able to "run numbers" over the phone, or does a cursory walk-through of your home. Thorough evaluations of your home are the hallmark of skilled professional appraisers and home inspectors.

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