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Home Buying Process - Finding a Home Inspector |
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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:
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Evaluate the physical condition: the structure,
construction and mechanical systems.
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Identify items that should be repaired or
replaced.
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Estimate the remaining useful life of the major
systems (such as electrical, plumbing, heating, air conditioning),
equipment, structure and finishes.
Click Here for a
list of questions you may want to ask your home inspector before you engage
their services
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NOTE: The Home Inspection is NOT an appraisal of the home's value. Only a
qualified APPRAISER
can make that determination.
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After the inspection is complete, you will receive a written report of the
findings from the home inspector, usually within five to seven business days
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. |
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FHA, which is part of the U.S.
Department of Housing and Urban Development (HUD),
requires lenders to obtain appraisals of properties securing FHA-insured loans.
FHA requires appraisals for three reasons:
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To estimate the market value of the property.
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To make sure that the property meets FHA minimum
property requirements/standards (health and safety).
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To make sure that the property is marketable.
The FHA appraisal process will note property
deficiencies that are readily observable and found not in compliance with
HUD’s minimum property requirements/standards (Handbook 4905.1 REV-1 and
Handbook 4910.1). These deficiencies may not be the same
as those items noted in a home inspection report.
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That’s why it is so important for you, the buyer, to get
an independent home inspection. 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.
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As the homebuyer, it is your responsibility to
carefully select a qualified inspector and pay for the inspection.
The following sources may help you find a qualified
home inspector:
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State regulatory authorities.
Some states require licensing of home inspectors.
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Professional organizations.
Professional organizations may require home inspectors to pass tests and
meet minimum qualifications before becoming a member.
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Phone book yellow pages.
Look under “Building Inspection Service” or “Home Inspection
Service.” USE CAUTION AND ALWAYS VERIFY THEIR QUALIFICATIONS.
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The Internet.
Search for “Building Inspection Service” or “Home Inspection
Service.”
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Your real estate agent. Most
real estate professionals have a list of home inspectors they recommend.
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