Why a Buyer Needs a Home InspectionA home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
A home inspection will only occur if you arrange for one. FHA does not perform a home inspection. Decide early. You may be able to make your contract contingent on the results of the inspection.
An appraisal is different from a home inspection and does not replace a home inspection. Appraisals estimate the value of the property for lenders. An appraisal is required to ensure the property is marketable. Home inspections evaluate the condition of the home for buyers.
If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, and FHA cannot buy the home back from you. Ask a qualified home inspector to inspect your potential new home and give you the information you need to make a wise decision.
The United States Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the toll-free National Radon Information Line at 1-800-SOS-Radon or 1-800-767-7236. Ask your home inspector about additional health and safety tests that may be relevant for your home. RADON is the #1 cause of lung cancer among non-smokers. Are you putting your family at risk? Click Here for More Information on Radon Gas.
It is your responsibility to be an informed buyer. You have the right to carefully examine your potential new home with a qualified home inspector. To find a qualified home inspector ask for references from friends, realtors, local licensing authorities and organizations that qualify and test home inspectors.
What is the difference between appraisal and inspection?
An inspection is not required, but is highly recommended. The cost of a home inspection currently ranges from $250.00 - $400.00 depending on the homes size. This is a buyer's expense. it is not necessary to have an inspection to obtain lender financing. A Home inspection is performed by a licensed home inspector. Inspectors evaluate the home's structure as well as the roof, furnace, air conditioning, electrical service, plumbing, and much more. If any major defects are found, the buyer can negotiate repairs with the seller. An appraisal is performed by a licensed appraiser assigned by the lender. This is generally a lender requirement when a buyer peruses a loan to purchase a home. the purpose of an appraisal is to determine the value of the home. this is accomplished using past sales (usually within the previous 12 months) of homes with similar features. An appraisal is a lender fee and the responsibility of the buyer.
