Ever feel confused about why you need both a home inspection and an appraisal when you buy in Bartlett? You are not alone. These two steps happen close together, cost money, and can affect your timeline and budget in different ways. By the end of this guide, you will know exactly what each one does, when they happen, who pays, and how to negotiate after each result. Let’s dive in.
Appraisal vs. inspection at a glance
An inspection and an appraisal serve different purposes and audiences. You order an inspection to understand a home’s condition and safety. Your lender orders the appraisal to confirm market value for the loan. You use the inspection to decide what to fix, credit, or walk away from. Your lender uses the appraisal to set the maximum amount they can finance.
What a home inspection covers
Purpose and scope
A home inspection is a buyer-focused review of the home’s visibly accessible systems and components. Inspectors evaluate the roof, foundation, electrical, plumbing, HVAC, major appliances, and visible structural or safety issues. The goal is to identify defects, deferred maintenance, and items that need further evaluation by a specialist.
Who conducts it and what you receive
A licensed or certified home inspector performs the inspection. Many hold certifications from groups like ASHI or InterNACHI. You receive a written report with photos, prioritized findings, and recommendations for repairs or follow-up inspections.
How it affects your decision
The inspection informs your repair requests, credit requests, or your decision to cancel under an inspection contingency. Most buyers focus negotiations on safety items and major systems. Cosmetic issues are less likely to be negotiated.
What an appraisal determines
Purpose and scope
An appraisal is a lender-ordered valuation. A state-licensed or state-certified appraiser estimates market value using comparable sales, adjustments for differences, and market trends. The appraiser notes visible issues that affect value, but this is not a safety or code inspection.
Who conducts it and what you receive
The appraiser completes an on-site review, analyzes recent comparable sales, and prepares an appraisal report with an opinion of value and supporting data. The lender uses this report to confirm the loan amount.
How it affects financing
If the appraised value meets or exceeds the contract price, financing typically proceeds. If the value comes in lower than the contract price, the lender will only finance up to the appraised value. That can trigger renegotiation or require more cash from the buyer.
When each happens and who pays
Typical sequence in a financed purchase
- Your offer is accepted and the contract is executed.
- Your inspection contingency clock starts.
- You hire an inspector and complete the inspection early in that window.
- You apply for your mortgage and the lender orders the appraisal.
- The appraiser visits the property and completes the valuation report.
- Underwriting continues and the appraisal clears before final loan approval.
Common timelines in Bartlett
- Inspection scheduling is usually within the contingency window, commonly 5 to 10 business days. The on-site inspection takes about 2 to 3 hours for a typical single-family home. Reports often arrive within 24 to 72 hours.
- Appraisal turnaround is often 5 to 14 calendar days from order to report in many suburban markets. During busy seasons, allow up to 2 to 3 weeks.
To avoid feeling rushed, align your inspection and appraisal deadlines with your contract and closing date. Your agent can negotiate separate contingency timelines for inspection and appraisal.
Who pays and typical cost ranges
- Inspection: Typically paid by the buyer at the time of service. Standard inspections often fall in the $300 to $600 range. Specialty inspections like termite, radon, sewer, septic, or HVAC can add cost.
- Appraisal: Usually paid by the buyer as part of loan costs. Typical single-family appraisal fees often range from $400 to $700. Complex properties or rush orders can cost more.
Local factors in Bartlett and Shelby County, such as home size, age, and property complexity, can influence fees. Ask for current quotes when you schedule.
After the inspection: your options
Inspection results can range from small maintenance items to major defects. Under a typical inspection contingency, you can:
- Request specific repairs from the seller with a clear deadline.
- Request a closing credit or price reduction so you can handle repairs after closing.
- Ask for receipts and warranties for any repairs the seller completes.
- Schedule a re-inspection to verify completed work.
- Cancel the contract if your contingency allows and you cannot reach agreement.
Set realistic expectations. Sellers often focus on safety and major functional issues. Cosmetic items are not usually negotiated. Put requests in writing, reference specific report items, and include photos or contractor estimates for big-ticket repairs.
After the appraisal: your options
If the value meets or exceeds the price
Your loan proceeds with underwriting and you move toward closing.
If the appraisal is lower than the price
When a low appraisal creates a gap between price and value, you and the seller can respond in several ways:
- Renegotiate the price to the appraised value.
- Split the difference between buyer and seller.
- Increase your down payment to cover the gap.
- Work with your agent and lender to request a reconsideration of value if you have better comparable sales or if the report contains factual errors.
- Cancel the contract if you have an appraisal contingency that allows termination.
For FHA or VA loans, minimum property standards may require certain repairs before closing or lender approval. If you plan to challenge an appraisal, act quickly and provide solid data such as missing comps or corrections to property details.
Local Bartlett considerations to watch
Bartlett and nearby suburbs have a mix of home ages and construction types. Keep these local factors in mind during your due diligence:
- Age and maintenance: Older homes may show more deferred maintenance. Focus on roofs, electrical, plumbing, and HVAC.
- Soil and drainage: Some Shelby County areas can experience moisture or foundation concerns related to drainage. Ask your inspector to pay attention to grading and water management.
- Septic vs. municipal sewer: Edge-area properties may have septic systems that require a separate inspection and ongoing maintenance. Factor costs into your budget.
- Termite and wood-destroying organisms: Termite inspections are common and sometimes required by lenders. Plan for this early.
Plan your contingencies and timelines
Use a clear plan so you can act quickly and keep leverage during negotiations:
- Structure the inspection contingency to allow enough time for scheduling, report review, and negotiation (often 7 to 10 days, longer if the home is large or older).
- Start your loan application promptly so the lender can order the appraisal without delay.
- Build in a buffer between expected appraisal delivery and closing.
- Keep communication tight among you, your agent, your lender, and the inspector.
Choose licensed, local pros
- Hire a licensed inspector who knows Bartlett and the broader Shelby County area. Local experience helps with regional conditions and common issues.
- Confirm your appraiser is state-licensed or state-certified and experienced with Bartlett and nearby suburbs. Proper local comps matter.
- Ask for sample reports or references. You want clear, prioritized findings and photos.
Budget and negotiation strategy
Save time and money with a focused approach:
- Prioritize safety, major systems, and lender-required items in repair requests.
- For cosmetic issues, consider asking for a credit if the cost is meaningful. You can handle finishes after closing.
- For big-ticket repairs, get written contractor estimates to support your requests.
- If an appraisal is low, review the comparable sales in the report with your agent. Provide better comps or corrections quickly if you have them.
- Discuss alternatives with your lender early. Options can include seller concessions, a different loan program, or adjusting your down payment.
Your next steps in Bartlett
Buying in Bartlett is a smart move when your plan is clear. Know what the inspection covers, how the appraisal affects financing, and how to respond if issues arise. With the right timelines, licensed pros, and a calm negotiation strategy, you can protect your budget and move forward with confidence.
If you want hands-on guidance through inspections, appraisals, timelines, and negotiation, the Holtermann Home Team is ready to help you every step of the way.
FAQs
What is a home inspection when buying in Bartlett?
- A buyer-ordered review of visible systems and components that identifies defects, safety issues, and maintenance needs, resulting in a written report you can use to negotiate.
Are appraisals required for financed Bartlett home purchases?
- Yes in most cases. Lenders generally require an appraisal to confirm market value. Cash buyers can waive it but risk overpaying.
Who orders and pays for the appraisal in Bartlett?
- The lender orders the appraisal to avoid conflicts of interest. Buyers usually pay the fee as part of loan costs.
Can I attend the inspection and appraisal for a Bartlett home?
- Buyers are often encouraged to attend the inspection. You may attend the appraiser’s walk-through, but you should avoid influencing the appraiser’s opinion of value.
If my Bartlett inspection finds major issues, can I cancel?
- If your contract includes an inspection contingency that allows termination for unsatisfactory results, you can typically cancel and receive your deposit back per the terms.
What can I do if the Bartlett appraisal comes in low?
- Options include renegotiating the price, increasing your down payment, splitting the difference, requesting a reconsideration of value with better comps, or canceling under an appraisal contingency.
