Why Get a Home Inspection?
Buyers should discuss professional inspections with the sales person prior to signing an offer to purchase. One of the contingencies in your purchase should be that you obtain a satisfactory building inspection report. You should want an expert to take a critical look at the property. Although you will pay for this inspection, it is well worth the cost in peace of mind.
A home inspection gives the buyer more detailed information than an appraisal –information you need to make a wise decision. It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You should arrange to have a home inspection before you purchase your home. Make sure your contract states that the sale of the home depends on the inspection. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:
- Evaluate the physical condition: structure, construction, and mechanical systems
- Identify items that need to be repaired or replaced.
- Estimate the remaining useful life of major systems, equipment, structure, and finishes.
The Inspector’s report will not include a recommendation as to whether or not you should buy the house, nor will it evaluate the purchase price. If major flaws are uncovered, it should give you some idea of what it will cost to repair or replace the problem. A reputable home inspector will never offer to perform needed repairs and should not refer you to a contractor to perform such repairs. Please be advised that professional inspections of the property are usually a service, and not a warranty.
Warranty programs may be available through private companies and purchased apart from, or in conjunction with, private inspection.
What the FHA Does for Buyers… and What We Don’t Do:
What we do:
FHA helps people become homeowners by insuring mortgages for lenders. This allows the lender to offer mortgages to first-time buyers and other who may not qualify for conventional loans. Because the FHA insures the loan for the lender, the buyer pays only a very low down payment.
What we don’t do:
FHA does not guarantee the values or condition of your potential new home. If you find problems with your new home after closing, we cannot give or lend you money for repairs, and we cannot buy the home back from you. That’s why it’s so important for you, the buyer, to get an independent home inspection. Before you sign a contract, ask a qualified home inspector to inspect your potential new home and give you the information you need to make a wise decision.
As part of our job insuring the loan, we require that the lender conduct an FHA appraisal. An appraisal is different from a home inspection. Appraisals are for lenders home inspections are for buyers. The lender does an appraisal for three reasons.
- To estimate the value of a house
- To make sure that the house meets FHA minimum property standards
- To make sure that the house is marketable