In this issue of "Doug Talks..."
Home Inspections
You have the right to examine carefully your potential new home with a professional home inspector. But a home inspection is not required by law, and will occur only if you ask for one and make the arrangements. You may schedule the inspection before or after signing your contract. You may be able to negotiate with the seller to make the contract contingent on the results of the inspection. For this reason, it is usually in your best interest to conduct your home inspection as soon as possible if you want one. In a home inspection, a professional home 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
• Estimate the remaining useful life of the major systems, equipment, structure and finishes
The Appraisal is NOT a home inspection and does not replace an inspection
An appraisal estimates the market value of the home to protect the lender. An appraisal does not examine or evaluate the condition of the home to protect the home buyer. An appraisal only makes sure that the home meets FHA and/or your lender’s minimum property standards. A home inspection provides much more detail.
FHA and lenders may not guarantee the condition of your potential new home
If you find problems with your new home after closing, neither the FHA nor your lender may give or lend you money for repairs. Additionally, neither FHA nor your lender may buy the home back from you. Ask a qualified home inspector to inspect your potential new home and give you the information you need to make a wise decision.
Your home inspector may test for Radon, Health/Safety, and Energy Efficiency
EPA, HUD, and DOE recommend that houses be tested and inspected for radon, health and safety, and energy efficiency, respectively. Specific tests are available to you. You may ask about these tests with your home inspector, in addition to the structural and mechanical systems inspection. For more information:
• Radon (800) SOS-Radon
• Health & Safety, see the HUD Healthy Homes program at: www.HUD.gov
Selecting a Trained Professional Home Inspector
Seek referrals from friends, neighbors, other buyers, realtors, as well as local listings from licensed authorities and local advertisements. In addition, consult the American Society of Home Inspectors (ASHI) at www.ashi.org or call (800) 743-2744.
