What you don't know about home inspection can cost you big money. Many buyers take home inspection lightly. Here are four things we think you should know about home inspection reports and why we recommend them.
Hidden mold caused by leaking roof found during an Idaho Home Inspection
One: What Is A Home Inspection?
Home inspection is a service provided by an expert home inspector. The inspector has knowledge about the sytems of a house. Drawing on past experience, the home inspector looks for problems that may be a concern to you. They can find problems with a home that may be very costly to repair. The information they provide will help you decide if you want the property. If there are too many problems, you can withdraw your offer. Your East Idaho Real Estate agent will always include an inspection contingency. It's a vital part of the contract that protects you. It allows you to withdraw your offer and not lose your earnest money.
Two: Why Do I Need A Home Inspection?
You can use home inspection to negotiate the price of the house.
During your inspection contingency period, you can pull out of an offer. The seller knows this. If there are issues with the house that you want fixed, you can give the seller notice. You can ask the seller to do repairs or ask for a reduced price. This is a delicate process. If you ask for too much, the seller may say no and pull out. If you ask for too little, you may wind up paying for costly repairs after closing. We have many home inspections under our belt and know many of the common mistakes people make. We'll look out for your best interest.
You also need a home inspection for peace of mind. Buying a home is one of the biggest purchases you will make. The home inspection will help you know what you are buying. It documents the current state of plumbing, electrical, foundation, HVAC, and structure. It also documents the state of finish work, drywall, and paint. The inspection report will provide detailed text and photos describing the house. The report comes in PDF format and can be a great resource in the future when you do work on your home.
Three: Is A Home Inspection An Appraisal?
A home inspection report and an appraisal are two very different documents. Each has a purpose.
A home inspection report protects you, the buyer, form unforeseen repair costs. It helps you make an informed purchase. An FHA backed loan does not need a home inspection.
An appraisal is a determination of value that protects a lender from over lending on a property. Most lenders, including FHA backed loans, must have an appraisal as part of the approval. Lenders do not want to lend more money than a home is worth because the home is usually used as the collateral of a loan.
Note: Although FHA backed loans do not need a home inspection, they get a basic one anyway. When an FHA appraiser evaluates a home to determine market value, they also do a basic inspection. They look for things like bare wood on the outside of the house, safety issues, and more. This inspection protects the FHA, and doesn't concern itself with the buyers protection. You still need your own home inspection.
Four: Who Pays For A Home Inspection
You, the buyer, pays for the home inspection report in most cases. The main reason is that the report is optional and for your protection. The report is usually ordered by you, or in some cases, by the agent when needed. Once the inspection is complete, the home inspector will send an invoice to you. Once paid, the report is available online to view and print. Our favorite inspectors provide you with a login to view text, photos, and video. Some even provide a way to submit repair requests for the contingency notice.
This article explains four things you should know about home inspection. Home inspections are important in our area. Idaho Falls, Rexburg, and Island Park all experience harsh weather. Weather often contributes to unseen problems with a house. This area also has structures with a variety of construction practices. Having a home inspection done before purchasing a home can help identify the quality of work.