What Lender Do For Buyers.... and What Lenders Don't Do

What Lenders do: In general lenders require an appraisal report for the underwriting of your mortgage. This allows lenders to lend you money for the mortgage of your property.

What Lenders don't do: Lenders do not guarantee the value or conditio of your potential new home. If you find problems with your new home after closing, the lender cannot or give your money for repairs. And the lender will not buy the home back from you.

That's why it is so important for you, the buyer, to get a home inspection. NY METRO APPRAISAL SERVICES, INC. will inspect your potential new home and give you the information you need to make a wise decision.

APPRAISALS AND HOME INSPECTIONS ARE DIFFERENT

Part of the job of a lender to underwrite a loan is the requirement of an appraisal. An appraisal is different from a home inspection. An appraisal is for the lender to make a lending decision: A home inspection is for a buyer to make a buying decision. The lender does an appraisal for the following reasons:

• to estimate the value of the property
• to make sure that the house is marketable.

Plainly put, Appraisals are not home inspections.

WHY A BUYER NEEDS A HOME INSPECTION

A home inspection gives the buyer more detailed information than an appraisal---information you need to make a wise decision. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

• evaluate the physical condition: structure, construction and mechanical systems
• identify items that need to be repaired or replaced  
• estimate the remaining useful life of the major systems, equipment, structure and finishes.

WHAT GOES INTO A HOME INSPECTION?

A home inspection give you, the buyer an impartial, physical analysis of the overall condition of your potential new home and items that may have to be repaired and/or replaced. The inspection give you a detailed report on the condition of the structural components, exterior, roofing, plumbing, heating, insulation, ventilation, air conditioning and interiors.

BE AN INFORMED BUYER

It is YOUR RESPONSIBILITY to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or you may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection.

For a complete analysis of your potential new home, call NY METRO APPRAISAL SERVICES, INC. at nymetroappraisal@aol.com  or call 1-646-584-0900 or order your inspection via this web site.