Step 2: Get an appraisal and inspection

Correct! Have your lender order the appraisal. You needn’t worry about control; an appraisal is for your own protection as well as the lender’s. It is likely that you will have to pay for that report up front and when you do, you are legally entitled to get a copy. Why take a chance that your lender doesn’t approve of the appraiser you’ve chosen?

Incorrect. Have your lender order the appraisal. You needn’t worry about control; an appraisal is for your own protection as well as the lender’s. It is likely that you will have to pay for that report up front and when you do, you are legally entitled to get a copy. Why take a chance that your lender doesn’t approve of the appraiser you’ve chosen?

Correct! I disagree. The appraisal is also an important way to ensure you don’t over-pay for a property.  When you get a copy of the appraisal you’re entitled to by law, sit down and review it with your agent. Does it confirm your feelings about the price you’ve attached to your would-be property, or does this exercise raise questions?

Inorrect. I disagree. The appraisal is also an important way to ensure you don’t over-pay for a property.  When you get a copy of the appraisal you’re entitled to by law, sit down and review it with your agent. Does it confirm your feelings about the price you’ve attached to your would-be property, or does this exercise raise questions?

Correct! Using the seller’s recommendation for a great inspector is a VERY bad idea.

Inorrect. Using the seller’s recommendation for a great inspector is a VERY bad idea.

Correct! Inspections usually cost between $500 and $1000; the cost of not doing a home inspection (and not catching major structural or other problems with a home, can cost you hundreds of thousands of dollars.)

Inorrect. Inspections usually cost between $500 and $1000; the cost of not doing a home inspection (and not catching major structural or other problems with a home, can cost you hundreds of thousands of dollars.)

Correct! Good idea! You must protect yourself. If an inspector misses a problem (which can happen, even with a good inspector), and the problem goes unnoticed through the closing, you will be responsible for repairing the problem. With so much money at stake, it always makes sense to do your own homework. To prepare for the home inspection, ask friends about their home inspections. What did they have the inspector look for? What problems were missed? Do research online on what a good home inspection should cover, and prior to the inspection, review with the inspector every item he or she is going to look at.

Inorrect. This is not a good idea. You must protect yourself. If an inspector misses a problem (which can happen, even with a good inspector), and the problem goes unnoticed through the closing, you will be responsible for repairing the problem. With so much money at stake, it always makes sense to do your own homework. To prepare for the home inspection, ask friends about their home inspections. What did they have the inspector look for? What problems were missed? Do research online on what a good home inspection should cover, and prior to the inspection, review with the inspector every item he or she is going to look at.