Is Home Inspection Recommended On Home Purchase By Lenders
This BLOG On Is Home Inspection Recommended On Home Purchase By Lenders Was UPDATED And PUBLISHED On June 10th, 2020
Is Home Inspection Recommended For Home Buyers:
Is Home Inspection Recommended is one of the most common questions asked by home buyers, especially first time home buyers.
- Lenders do not require home inspections
- Many home buyers are confused with the difference between a home appraisal and a home inspection
- Home Appraisals are required by all mortgage lenders and a home appraisal is not a home inspection
- Home Appraisers will inspect a home but not thoroughly like a home inspector would
- Appraisers will look out for safety and hazard issues on the subject property and check to see if all electrical, plumbing, and HVAC systems are in working order and meet mortgage lending guidelines
- A home inspector will inspect all aspects of the home
- Afterwards, the inspector will render a home inspection report to the home buyer which consists of the condition of the property, both interior and exterior, as well as his opinion on the life of the roof, appliances, windows, and other parts of the house
- Is home inspection recommended?
- The answer is yes
- Most home inspections costs between $200 to $500 depending where and the type of property but a home inspection is worth its weight in gold and is more of an insurance policy
- Home inspectors have the latest and greatest tools to inspect parts of the home where it is not visible to the human eye like checking for mold, seeing if the home is properly insulated, and checking for termites or other defects to the property
In this article, we will discuss and cover Is Home Inspection Recommended On Home Purchase By Lenders.
What Happens In A Home Inspection
Once you have decided to get a home inspection after you have a fully executed real estate purchase contract, it is important to know what to expect from the home inspection and the process it entails.
- The home inspection process is similar for all home purchases
- Most buyers will order a home inspection the minute they have a signed real estate purchase contract
- Home inspections are ordered prior to lenders ordering a home appraisal
- This is because if the home inspection report comes up with many defects or items that was not revealed during the home showing
- The sellers do not want to renegotiate the real estate purchase contract, then the home buyer can cancel the home purchase transaction
- Prices for home inspection varies on the geographic region the property is located and on the property type and the loan program type
- In general, most home inspections costs between $200 to $500
- Home inspectors will inspect both the interior and exterior of the home and will look for any minor and/or major defects of the home as well as for safety issues such as faulty wiring, potential code violations, peeling paint, asbestos, cracked windows, functionality of windows and doors, look for potential signs of mold, look for damage caused from termites, and other potential issues
- Home inspectors will especially make sure that all appliances are in working condition
- Home inspectors will carefully check the home’s electrical systems, plumbing systems
- HVAC systems, foundation, roof, attic space, basement, ceilings, walls, flooring, windows and doors, electronic systems, and other aspects of the home
- Bottom line, the home inspector will check that everything in the home is functional and in working order so home buyers will not be surprised after they close on their home and move in
Why Home Buyers Should Get Home Inspection
Looks can be deceiving and when home buyers are shopping for a home purchase, the home may appear absolutely flawless. However, there may be many underlying issues that are not visible to the human eye. For example, the basement of the home may be furnished and look impeccable, however, behind the drywall, there may be foundation cracks and the insulation may be wet and forming mold due to leak from the cracked basement foundation.
A home inspection may cost the home buyer time and money and even though it is not required by mortgage lenders, however, a home inspection is highly recommended for all home buyers.
