Home Inspection During The Home Buying And Mortgage Process

This ARTICLE Is About Home Inspection During The Home Buying And Mortgage Process

A Home Inspection During The Home Buying And Mortgage Process is not required. An appraisal is mandatory for all homebuyers who plan on getting a mortgage. A  home inspection is highly recommended. There are countless homebuyers wanting to save $200 to $500 dollars on an inspection.

Many think since the house needs an appraisal, they will save the money on an inspection. Homebuyers should realize and understand that an appraisal is not an inspection. The appraiser will note noticeable defects that affect the safety and security of the property. But the appraiser will not inspect the property for faults, defects, and malfunction. This is the job of a home inspector.

There are many instances where the property looks perfect with the human naked eye. It often turns out to be a lemon after the inspector has written the inspection report with photos and videos. The team at Gustan Cho Associates highly recommends all homebuyers to get a home inspection done by a reputable experienced home inspector.

When Does The Home Inspection During The Home Buying And Mortgage Process Happen

As mentioned earlier, home inspections are not required by lenders. Home inspections are highly recommended by every real estate professional, especially lenders. There are too many times when a human eye cannot detect a property defect. The team at Gustan Cho Associates often gets complaints from homeowners who closed on their homes and had issues they discovered after the closing. One borrower found out the basement was leaking. This cost thousands of dollars for the homeowner.

The borrower did not file a claim with his homeowner’s insurance company because he was afraid of his insurance premium skyrocketing. Unfortunately, the flood in his basement happened a second time because of the heavy rainstorm in Northern Illinois. Another homeowner who did not get a home inspection discovers termites after the closing of his home. We can go over case scenarios after case scenarios about the devastation of issues discovered after closing.

The home inspection is the first thing you order after getting an executed real estate purchase contract.

What To Look For In A Home Inspection

A less-than-perfect home inspection report does not mean the deal is dead. It means the deal needs to go back to the negotiation table. The buyers and sellers need to renegotiate the price and terms. There are instances where the sellers agree to do the repairs. Other times the sellers will give access to the property for the homebuyers to do the work. Other times there is just a cash settlement. The inspector will thoroughly inspect the interior and exterior of the home. Inspectors will thoroughly inspect the HVAC system, roofing, appliances, mold, termites,

Other areas of inspection include the following:

• Roofing
• Basement/crawl spaces
• Attic, including insulation
• Interior electrical
• Wiring
• Foundation
• Ceilings
• Interior walls
• Doors
• Plumbing
• Door frames
• Floors
• Heating and cooling system
• Windows

If the inspector sees potential severe defects such as defective well and septic and/or mold, the inspector will note on their report that he or she recommends a well/septic inspection and/or mold inspection. It is up to the homebuyer to see whether or not to go further and get the additional inspections the original home inspector recommends.

Hiring The Right Home Inspector

A home inspector is similar to a general practitioner. They know the basics of a home structure. However, they are not specialists and may refer homebuyers to specialists if they foresee potential issues. For example, the home inspector may notice cracks in the foundation. However, he may not be an expert on foundation cracks. This may require further review by a civil engineer. A home inspector may not know appliance repair. However, he may notice an abnormal sound coming from the washer and dryer and may recommend further review by an appliance repairman. The reason he notes it on his inspection report is due to the concern due to the age of the appliance. Your realtor and/or loan officer can refer you to a home inspector they have used before. Check out their online reviews and talk to their previous customers. Interview a few home inspectors and choose a professional with who you and your family feel most comfortable with.