Home inspections are not required in order to obtain a mortgage, but are highly recommended. The inspector will check the safety of your potential new home, focusing on the structure, construction and mechanical systems of the house and making you aware of any repairs that are needed. He can also give you an estimate of how long major systems (such as the air conditioner) and structures will last.
Unlike an appraisal, an inspection does not determine the value of your home. Instead, it checks (and gives prices for repairs on): plumbing and waste disposal, the water heater, the electrical system, the HVAC system, insulation and ventilation, the potential presence of pests, water source and quality, the foundation, doors, ceilings, windows, walls, floors and roof. Make sure to your home inspector is qualified and experienced.
Direct Mortgage recommends that you either to have a home inspection before you sign a written offer or that you make the written offer contingent upon a satisfactory home inspection because, once the deal is closed, you've bought the house "as is". An inspection clause in your offer gives you a way out of buying the house if serious problems are found. It can also provide the opportunity to renegotiate the purchase price if repairs are needed. An inspection clause can also stipulate that the seller must remedy the problem(s) before you purchase the house.
If a serious problem is discovered, a more specific inspection may be recommended. Possibilities include inspections for radon gas, asbestos, lead-based paint, or possible problems with the water or waste disposal system.
Following the inspection, you’ll be able to ask the inspector questions about the inspection report and any problem areas. She’ll be able to give you an objective opinion on the home you would like to purchase and can answer general maintenance questions.
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