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When I get questions about home inspections and home appraisals in Northern Virginia, a lot of people assume they are the same thing. This could not be any further from the truth. They are very different components of the real estate transaction, each with separate processes that are important to know about if you are selling your home or purchasing a new one.
Home inspections are usually done 7-10 days after an agreement has been made on the sale of the home. It is conducted by the buyers at their own expense. During the home inspection, the inspector will be looking for problems with the structure and functionality of the house so that parties can agree on final terms for the home.
A home appraisal is a similar process with some technical differences, usually taking place 3-4 weeks after the principle agreement of the home sale. Appraisals are ordered by the home buyer's lender. They want to make sure that before they hand over the money to the purchaser, the home is worth what the buyer is about to pay. The lender will come out, view the property, compare it to other homes in Northern Virginia, and 3-5 business days after the lender views the property, they will determine whether the price on the particular home is fair so that the sale can close.
If you are selling, it is very important you list your home within the corresponding price range of other homes that our comparable to yours . If you are even entertaining the notion of selling your home, give The Stepping Stone Group a call and we'd be glad to walk through the property with you, give you information about pricing, and offer you any kind of assistance we can. At the Stepping Stone Group, we are with you every step of the way!
