Megan Scott

Hey yall!
Happy Wednesday! Here’s some more helpful homebuying information!

Is there a difference between an inspection and an appraisal?

Yes! There is! They both require inspecting, but for different reasons & purposes.

🏡💰An appraisal is required for the lender to determine the home’s value. A lender will only loan you what the house is worth, not what you are offering. This can be done visually but mainly by comparing the features of the home to other similar homes sold in that area. Features such as square footage, bed/bath count, etc.

Appraisal waivers have become very common here in Texas since it is currently a seller’s market.

🏚🛠 Inspection are optional for the borrower. The main purpose is to find out any functional issues with the home so this can be taken into account when making an offer on a home. The inspector will look at the functionality of the roofing, foundation, HVAC, etc.

Still have questions regarding inspections and appraisals? Feel free to reach out for a 30 min buyers consultation.

Hey y’all! Happy monday!
Starting off the week again with some helpful real estate info!
Did you know you DO NOT need 20% down to purchase a home? It always seems surprising to people when I tell them the average down payment isn’t 20%. It’s actually not even close. There are definitely benefits to having a larger down payment, but not having that shouldn’t deter you from starting your home buying process! Fee free to contact me regarding any real estate related questions or concerns!