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Old 01-21-2012, 01:17 PM
 
38 posts, read 57,979 times
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Just offered on a house which is financially a stretch. Hopefully I'll get approved just like the pre approved letter says but when should I have the inspection done? Should they appraise it first or should I have an inspection done? Of course I don't want to be out 400 for an inspection if I annoy get it. Thanks in advance.
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Old 01-21-2012, 01:34 PM
 
2,719 posts, read 4,404,597 times
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If you are not sure whether you could be approved or not when normaly banks approve for more than what you should be buying, then indeed you are stretching yourself and that's a bad idea. But that's your choice. Why inspection is costing 400?

The answer is it depends. Normally, the inspection is before the appraisal since if you have major issues that the seller won't address, you would abviously back out of the aggreement without further expense, which is the inspection. OTH, if the appraisal comes lower than the asking, either the seller has to lower price or you have to come up with extra money to address the gap.
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Old 01-21-2012, 03:03 PM
 
5,453 posts, read 7,784,209 times
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1. Do not buy a house that you don't feel comfortable financially with. You have to pay a price that you should be able to afford should you loose your job, and/or if having a lower paying job! The house "price" is just the BEGINNING as far as owning a home is concerned! What about homeowners insurance? taxes? maintenance?
2. Get the appraisal. If the house doesn't appraise for the asking price then they're trying to ********* over.
3. DEFINITELY get an inspection (if you can).

The appraisal is ordered by the lender after you made an offer. IF the appraisal doesn't come to the asking price, then the sellers need to reconsider the asking price. The inspection is optional after all that is squared up. BUT If it is a short sale, or foreclosure it may be sold "as it" so even if you want an inspection you many not get to do one.
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