The Simple Truth Of Home Inspections
By Martin Lukac
The home inspection is a necessary, and much misunderstood, step in the purchase of a home. Many consumers are misguided in their beliefs about the service.
And these misconceptions often lead to problems later down the road.
The number one myth I hear all of the time is that an appraisal and a home inspection is the same thing. This is simply not true.
An appraisal assesses the value of the home. A home inspection assesses the condition of the home.
Basically, a professional home inspector will go through a home from the foundation to the rafters and generate a report that details the condition of the home and the major components — such as electrical, hot water heater, furnace, foundation, structure, roof and so on.
The inspector does not see inside the walls. He will not take appliances apart or test the swimming pool out.. He simply looks at the home with a trained eye.
The inspector will provide you with a written document that outlines the items inspected and their condition. This is a documentation of the condition of the home. It may even include an action list — such as what needs to be done and when — and digital photos. This is a final and factual assessment of the home’s condition. This overshadows any claims that come without documentation. It is often used in the negotiation process with the seller. It can save you tens of thousands in dollars if major problems are found. You could find out that your dream home is nothing but a lemon. And the inspector saved you from buying a lemon.
I’ve heard it said that all you really need is a termite inspection. While you need this, it isn’t a home inspection. It is only a specific inspection for the evidence of termites. The home inspector will assess the structural problems that may have been caused from any termites that are found by the termite inspector. He goes a step further.
The inspection report isn’t really a seller’s repair list. It opens up negotiations, if so stated in the contract. If the home is sold "as-is," there probably won’t be any repairs made. The exception is those conditions that must be cleared up according to the law before the closing on the property. The home inspections main purpose is to let the buyer know exactly what is being purchased before the actual transaction is completed. This protects the buyer fromt he unknown.
Even if you are buying an "as-is" home, you should still have a home inspection. "As-is" simply means that the seller will not make any repairs, upgrades or improvements to the home. There is usually no obligation by the seller to make any repairs for conditions found in the home inspection. It simply lets you know what you’ll need to do once you own the home.
Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!
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