Sound like something you might enjoy? Then, you should explore more about real estate education to help you become the most demanded real estate broker. Click here and choose your real estate courses and then don’t look back!

What a Home Appraisal Actually is?

Great question! A home appraisal is a procedure in which a licensed appraiser conducts a thorough inspection of a property to analyze its true value (which isn’t always the same as the market price). The appraiser will then compile all of the findings into a report and produce the home’s appraised value.

If a purchaser is financing their purchase with a loan, the borrower will generally handle ordering the appraisal. This is done to ensure that the borrower is not over-borrowing or borrowing more money than the property is worth. As such, some borrowers may actually need purchasers to include an appraisal contingency in their offers.

What is a Home Inspection?

In the procedure of closing a house sale, the purchaser usually hires a home inspector to come to visit the house and perform a visual observation. In accordance with the state’s standards, the home inspector points outs health, safety, or major mechanical problems.

Tim Buell, the president of the American Society of Home Inspectors, comments “We look for things that are substantially deficient, unsafe, near the end of the service life, or not functioning properly.”

Ready to take the next step in your real estate education? Learn how to get started in real estate investing by attending our online real estate classes.

Home inspection vs. home appraisal

Mortgage borrowers will need a proper home appraisal to analyze the worth of the home I’m purchasing. A real estate appraisal is a chunk of the borrowing process just like checking out my credit score or debt-to-income ratio.

But this appraisal will not reveal particular details about the condition of the house. A house appraisal will be more concerned with the house’s location, size, and general condition.

Unlike a home inspector, the appraiser will not crawl around in the basement or climb onto the roof searching for issues.

If all of this sounds exciting to you, you’re probably ready to pursue a career as a real estate agent! Our team at Illinois Brokers Academy is here to help you with our real estate courses for any real estate career you want.

Purchasing a home and need help?

Since you’re reading this article, you are probably interested in purchasing a home. If you need advice, a rate quote, or any other service, get in touch with us right away to request personalized help for my house purchasing buying goals.

So as per the president of the American Society of Home Inspectors, top real estate agents, and the most experienced home inspectors share exactly what major things to look at during a home inspection and how different outcomes can influence your home sale.

If you’re ready to become a real estate agent in Illinois, visit our key real estate courses now to get started.

7 MUST-TO-DO THINGS DURING HOME INSPECTION TEST

We recommend that you prepare yourself for the home inspection by making a list of areas of the home you want to be checked before the inspector arrives. Your checklist should include:

• Foundation
• Roof
• Attic space
• Rain gutters and downspouts
• Exterior stucco or paint
• Electrical panel, light switches, and power outlets
• Thermostats and heating, cooling, and ventilation (HVAC) system
• Plumbing fixtures, faucets, and water heater
• Appliances
• Walls, ceilings, and floors
• Doors and windows
• Stairs, steps, and railings
• Porches and balconies
• Walkways and driveways
• Basement
• Garage

If you feel Illinois real estate is the industry for you, check out Illinois Brokers Academy. We offer pre-licensing and post-licensing courses, as well as state exam prep dates. Do check our updates now for more information.

THE BOTTOM LINE

Home inspections can be stressful for sellers, but knowing what inspectors look for can help you anticipate things that fail a home inspection. Minor tweaks here and there can improve the overall inspection report.

If you want to become a real estate broker in Illinois, you will need to prepare and train formally for the role. Illinois Brokers Academy is the premier school to prepare real estate agents to enter into this exciting industry. Check out our 75-hour pre-licensing real estate course for more information about how you can become a professional real estate agent in 2021.

Happy Home Inspection Preparation!

Explore about Do you pay estate agents if you don’t sell?