INSPECTIONS -

 

Ask a qualified home inspector to thoroughly examine the physical condition of your future home and give you the information you need to make a wise decision

 

Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home's condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:

 

- Evaluate the physical condition: the structure, construction and mechanical systems.

 

- Identify items that should be repaired or replaced.

 

- Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.

 

The inspection will review both the interior and exterior conditions of the property

 

After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within one to two days. This report will include descriptions and pictures of any items that are considered by the inspector to be questioned, repaired, or replaced.

 

Generally, the Buyer and Seller will negotiate to repair noted items, provide financial credit for noted items, or agree to the present condition of noted items. Many bank-owned properties will not agree to make repairs or credit for existing conditions. Furthermore, FHA loans require serious noted items to be repaired before your loan can be approved.

 

Home Inspections Are Not Appraisals and do not estimate the value of the property

 

A property appraisal is a document that provides an estimate of a property's market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.

 

About FHA Home Inspections

 

FHA helps individuals and families become homeowners by providing lenders with mortgage insurance for certain loans.

 

FHA loans have a set of inspection criteria that need to be addressed. Your property inspector will be able to provide the FHA inspection report.

 

The Bottom Line: Spending Hundreds May Save Thousands

 

When you make a written offer on a home, you should request that the contract state that the offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road. If you are satisfied with the results of the inspection, then your offer can proceed. Generally, Home Inspections will run approximately $250-450 and Pest Inspections will be approximately $100-200.

 

Texas home purchase contracts allow for an option of 1-10 days to perform inspections for a fee to the Seller that generally is $100.

 

 

 

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