Inspections
Are they really necessary?
Every home that is offered for sale, whether it is brand new construction or a
100-year-old historic home, should be inspected for your protection.
An inspection is meant to evaluate the structural and mechanical condition of a
property. It is not the same as an appraisal, which evaluates the market value
of a property. Persons involved in real estate transactions need unbiased
information about the physical condition of the property they plan to buy and
your contract should include a contingency that you obtain a satisfactory
inspection report. The inspection report is a buyer expense, paid at the time of
the inspection and usually costs around $250-$300.
A Home inspector is a person who examines any component of a building, through
visual means and through normal user controls, without the use of mathematical
sciences. Your home inspector will inspect attics and crawl spaces looking for
signs for moisture, leakage, ventilation and wood destroying pests. He will
check all appliances and plumbing fixtures as well as electrical circuits. He
will also check your roof for soundness and the exterior for rot or areas of
concern. The scope of his inspection is structural in nature, not cosmetic.
But, won’t the lender require an inspection? And if so, don’t they pay for
it?
Many lenders will require inspections on certain loan programs. These are
usually done by the appraiser, but they are never as thorough as an actual
inspector. As far as paying for it, these charges will show up on your closing
statement.
What happens if I elect to waive an inspection?
Many buyers opt to do exactly that. But remember you are buying the home in
“as is condition”. Anything that comes up later as needing repair, is your
responsibility.
In
short, consider this… At worst case, you spend about $250. To find out
nothing is wrong with this home. At best case, you find out everything that is
wrong and you now have the option of negotiating who fixes what, or accepting
the conditions as is, and or terminating your offer.
(509)
981-1001