The appraisal
It sets the value the lender uses. Order it as soon as the offer is accepted.
The inspection
It reveals the building’s real condition. It protects your purchase decision.
The environmental study
It is required on land and commercial buildings. It takes several weeks.
Typical ranges
- Appraisal: one thousand to five thousand dollars
- Inspection: seven hundred to three thousand dollars
- Environmental study: two thousand to eight thousand dollars
Who chooses the professional
The lender chooses the appraiser. You choose the inspector.
The appraisal belongs to the lender, even when you pay for it.
The environmental study, in phases
The first phase examines the site’s history, without drilling.
The second happens only if the first reveals a risk. It costs far more.
When to order them
Order the inspection once the offer is accepted. The appraisal follows the application.
What a report can reveal
An inspection can reveal a roof at end of life or a failing drain.
Those findings support renegotiating the price, if the offer allows.
So schedule the inspection before the financing deadline ends.
