Well, you finally found the perfect home. You are filling out
the purchase sales agreement. You figure you have enough for the
earnest money deposit to be placed in escrow and the lender will
want the appraisal fee up front. But now the realtor is advising
getting a home inspection. That's extra money. The home looks
great. Besides, won't the appraisal reveal any problems?
Buying a home is normally the single most expensive purchase you
make. You want to make sure the condition of the home is what
you expect. A licensed home inspector is an impartial party to
the transaction. The inspector will evaluate the home as is. You
will have a written report on the spot or within days.
Saying the obvious- it is important to read the report. It will
give the condition of the structure. It will address the
electrical, plumbing, heating and air conditioning. There will
be a section on any evidence of infestation of pests and dry
rot. There will be other sections. Pay particular attention to
any items the inspector recommends be corrected. If there are
areas such as attic or enclosed area that the inspector found
inaccessible that should be identified on the report.
You can find a qualified home inspector in the yellow pages,
Internet or your realtor may have a list of several to choose
from. The home inspector is working for you because you are
paying for the work. The appraisal, although paid by you, is
done for the benefit of the lender to determine market value.
By making the purchase of your home contingent upon a
satisfactory home inspection report you are protecting yourself
from potentially expensive problem repairs that you may not have
been aware of when you made the offer to buy. You are also
saving yourself the expense of the appraisal until an agreement
is reached on how the repairs will be handled.
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