Step 5 of 6 — Buyer's Guide
Inspection & Appraisal
Once your offer is accepted, two critical evaluations happen before you can close: the home inspection and the appraisal. Both protect you.
The Home Inspection
A licensed home inspector will spend 2–4 hours examining the property top to bottom — roof, foundation, electrical, plumbing, HVAC, insulation, and more. You should attend this inspection. The inspector's report will list every defect from minor to major. We'll help you understand which items to request repairs on, which to accept as-is, and which would be serious enough to walk away.
Negotiating Repairs
After the inspection, you can ask the seller to make repairs, reduce the price, or provide a credit at closing. Sellers are not legally required to fix everything, but significant issues give you negotiating leverage. In some cases, we'll recommend bringing in specialists — a structural engineer, electrician, or septic inspector — for further evaluation.
The Appraisal
Your lender will order a home appraisal to confirm the property is worth what you're paying. If the appraisal comes in below the purchase price, you have a few options: negotiate a lower price with the seller, make up the difference in cash, or walk away if your appraisal contingency allows it.
Rural Property Considerations
Appraisals on rural and lake properties in northern Minnesota can be challenging — there are fewer comparable sales. Work with a lender who has experience with rural appraisals, and don't be surprised if it takes longer than a standard residential appraisal.
Pro Tip
Never skip the home inspection, even on a brand-new build. Builders make mistakes too, and your inspector's report is a permanent record of the home's condition at the time of purchase.
Have Questions About This Step?
Malcolm Wallaker and Bridger Hopkins know northern Minnesota real estate inside and out. Whether you're just exploring or ready to make a move, we're here to help — no pressure.