The "Optional" Home Inspection
November 14, 2024
A home inspection provides an unbiased, expert assessment of the property's condition, uncovering potential issues that might not be noticeable to the untrained observer. Add the home inspection to your to-do list for best results.
Think of it as a comprehensive health check for your potential investment. You should only commit to a home after it has been reviewed by a qualified professional and not just an FHA fee appraiser.
Why Do You Need A Home Inspection? Examples
A couple is interested in a beautiful Victorian-era home. The appraisal confirmed the asking price was reasonable, However, during the inspection significant cracks were discovered in the foundation, suggesting expensive repairs. Thanks to the inspection, the buyers renegotiated the price.
Another example? A family looking for a larger home finds one in a popular area. The house’s freshly painted walls and modern kitchen suggested a well-maintained property, but after the inspection, the buyers learned of basement water damage and a history of flooding due to inadequate drainage.
The buyers chose to pass on the home. That scenario may have worked out differently if they had relied on the appraisal alone.
A final example: A retired couple examined a property listed as having a newly replaced roof. However, the inspection report revealed some new shingles layered over old, damaged ones. Is that the definition of “newly replaced?”
These examples represent only a few issues a home inspection may reveal. While it might seem like an additional expense, it's a small investment compared to the potential costs of unforeseen repairs and problems.
Never Skip the Inspection
- Uncover Hidden Problems: Inspections reveal issues that might not be visible during your walkthrough.
- Negotiate Repairs or Price: The inspection report provides leverage to negotiate repairs or a lower price.
- Avoid Costly Surprises: This can save you from expensive repairs after you move in.
- Make Informed Decisions: You should fully understand the property's condition so that you can make an informed decision about your purchase.
FHA Loan Articles
September 17, 2022The FHA sets these limits annually according to the location and type of home, and it represents the maximum loan amount the agency will insure. Approved FHA-lenders can set their own requirements in addition to the FHA’s criteria for borrowers, such as higher credit scores.
August 23, 2022Credit scores tend to be a source of anxiety for many Americans, because they realize the weight they hold when it comes to getting a loan for nearly anything. Taking the mystery out of this 3-digit number goes a long way to helping people understand and increasing their score.
June 16, 2022It’s a great option to consider if you want to build your dream home on your own land instead of buying someone else’s already-lived-in house. FHA One-Time Close mortgages are also referred to as single-close construction loans--you’ll see these terms used interchangeably.
May 7, 2022The appraisal process is a very important part of buying a home. When you are budgeting and planning for your loan, you may want to set aside some extra funds in case there are corrections required as the result of an appraisal.
April 12, 2022There is a major question some new borrowers have about home loans in general, that also applies to construction loans in particular. If you want to apply for an FHA One-Time Close construction loan, there are certain rules about loan funding that you should know about.
