❓ Lafayette Real Estate Questions Answered
After 17+ years helping buyers and sellers in Lafayette and West Lafayette, I’ve learned one thing: if you’ve got a question about real estate, you’re not the only one asking it.
That’s why I’ve rounded up answers to some of the most common questions I hear from clients every day. From appraisals to walk-throughs, here’s your go-to guide for navigating the process with confidence.
👉 And if you don’t see your question here? Send it my way, I’ll happily answer and add it to the list.
🏡 What’s the Difference Between an Appraisal and an Inspection?
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Appraisal = A licensed appraiser determines the fair market value of a home (usually for your lender).
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Inspection = A licensed inspector reviews the condition, safety, and longevity of the home (for your peace of mind).
Both are important, but they serve very different purposes.
📑 What Happens During Closing?
Closing is the final step in buying or selling a home. It usually happens at a title company, where ownership officially transfers. You’ll review and sign documents, funds are exchanged, and the deal is recorded. Once that’s done, congrats, you’re a homeowner (or officially sold your property)!
💰 Why Is My Assessed Value Different From My Appraised Value?
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Assessed Value = What the county assigns for property tax purposes.
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Appraised Value = What a buyer would reasonably pay in today’s market.
They’re connected, but not identical, and yes, as your appraised value goes up, your property taxes often follow.
🏠 How Accurate Is a Zillow Estimate?
Zillow’s Zestimate can be fun to peek at, but it’s rarely spot-on. Why? It doesn’t account for:
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Recent upgrades or remodeling
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Market shifts in Lafayette & West Lafayette
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The actual condition of your home
👉 The most accurate way to know your home’s value is through a Comparative Market Analysis (CMA) done by a local Realtor (like me!).
📊 What’s a Seller’s Market vs. a Buyer’s Market?
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Seller’s Market = More buyers than homes → multiple offers, quick sales, rising prices.
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Buyer’s Market = More homes than buyers → price drops, more choices, and stronger negotiating power.
Lafayette’s market shifts between the two depending on inventory, interest rates, and local demand. (Ask me about where we stand today!)
👀 Do I Really Need a Final Walk-Through?
Yes, absolutely. This is your last chance to:
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Verify repairs were completed
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Ensure the home is empty
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Confirm nothing major has changed since your inspection
Think of it as your “peace of mind” tour before signing.
🔌 When Do I Need to Set Up Utilities?
Don’t wait until the last minute! Schedule utilities to switch at least 3 business days before closing. Common hang-ups? Water service in Tippecanoe County can take extra time, so plan ahead.
💵 What Is Earnest Money?
Earnest money = your way of saying “I’m serious.” It’s typically 1–3% of the purchase price, held in escrow.
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If the sale goes through, it’s credited toward your purchase.
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If the deal falls apart, it may go back to you—or to the seller—depending on the contract terms.
🧾 What Happens to My Mortgage Balance When I Sell?
At closing, the title company contacts your lender, calculates the exact payoff, and pays it directly from your proceeds. You’ll get a settlement statement beforehand so you can double-check the numbers.
Once paid, you’ll receive a letter from your lender confirming the loan is closed.
🎶 Still Have Questions? Let’s Chat!
Every real estate journey is unique—and no question is too small. Whether you’re buying your first home in Lafayette, downsizing in West Lafayette, or just curious about how the process works in Indiana, I’ve got your back.
📞 Reach out today for answers tailored to your situation—or grab my [Free Buyer’s Guide] or [Seller’s Guide] to dive deeper.
For current market information for your Lafayette and West Lafayette communities or a free consultation, contact The Aimee Ness Realty Group Lafayette Indiana.
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