Home Inspection
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It is often said "Home Inspection is for Buyers , Appraisal is for lenders." Once you have negotiated the contact and start the mortgage process the next thing is to have an appraisal and home inspection done. Your lender wants to know
( i ) the estimated value of the house
( ii ) to make sure that the house meets minimum property standard and to make sure it is marketable.
Termite Inspection
Most banks requires this for the buyer and for VA and FHA loans it has to be done . Termite repairs in the case of VA or FHA has to be done and a clear report given to the lender.
Radon Inspection and Mold Inspection
Some lenders require this of the buyer , check with the buyer's lender.
An appraisal is not home inspection
A Buyer needs a home inspection to give more detailed information than an appraisal- information you need to make a wise decision. A qualified inspector takes an in-depth , unbiased look at your potential new home. It tells the good , bad and ugly. Use an inspector recommend by someone who has used his/her service. The inspection will reveal items that needs to be repaired or replaced, approximate age of the major components and useful life. It will also evaluate the physical condition: structure, mechanical and construction.
An inspection not only gives the bad but also the good as well. Normally a good inspection takes 2- 4 hours and gives a detailed report on the condition of the structural components, exterior, roofing, plumbing, electrical, heating, insulation and ventilation, air conditioning and interiors.
