Do I Have To Have A Home Inspection Performed?

Buying a home is a huge undertaking, and most buyers do everything they can not to make mistakes. One confusing aspect of the home-buying process is the home inspection and whether or not it has to be done or not. Read on to find out more about this important issue before you begin your home search.

Is it Required by Lenders?

The short answer is "no", at least in most cases. Most lenders leave the home inspection issue up to the buyer. Lenders, however, do require an appraisal before they approve the loan. Appraisals are performed by real estate professionals who review certain details about the home and provide you with a price point. The home price should be in line with the loan amount and not fall short. A home appraisal value is arrived at using comparable neighborhood prices, the square footage, features of the home, and more.

What to Know About Quasi-Inspections

Homes financed using the Federal Housing Administration (FHA) loan guarantee program must also be appraised, but the appraisal can be considered a quasi-inspection as well. Only FHA-approved appraisers can perform the appraisal, which includes the inspection of certain home systems like the heating and cooling systems, plumbing, and more. This type of inspection is not as thorough as those performed by independent home inspectors, however, and the FHA strongly encourages buyers to have a regular inspection performed.

How to Deal With a Home Inspection

No matter what type of lending you use, a home inspection is a must. The money spent on an inspection, which can be anywhere from $280 to $400, is well worth the peace of mind that will come with knowing what you are buying. Take a look at some tips for making sure your home is everything you want it to be:

  1. The inspection is usually the first action a buyer takes after applying for lending once the seller and buyer have agreed on a price. The sooner you have it done the more time you will have to address any problems identified during the inspection.
  2. You have the right to accompany the inspector and doing so is highly recommended. Not only does that allow the inspector an opportunity to show you any problems in person and on the spot but taking part in the inspection gives you the chance to become familiar with the inner workings of your home.
  3. When the inspection turns up problems, speak to your real estate agent for advice. Major and expensive issues should be brought to the attention of the seller. The seller may agree to make the needed repairs, or they may adjust the price of the home or make other concessions. If you are unhappy with the results of the inspection, you have the option of walking away from the deal.

Speak to your real estate agent to find out more about homes for sale in your area. 


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