Why a Home Buyer Needs an Inspection
J Philip Faranda October 26, 2011
If you ever watch any home buying or remodeling shows on satellite or cable TV, you know what kinds of secrets a home inspection can reveal about a seemingly-safe house! Home inspections are crucial before finalizing any real estate purchase. The purpose of a home inspection is to evaluate the physical condition of the home for sale and identify anything that needs to be repaired or replaced as well as to estimate the remaining useful life of the structure’s components.
Don’t confuse appraisals with inspections! An appraisal is for a lender to estimate the value of the home, and to make sure it meets minimum FHA standards. The FHA does NOT guarantee the value or condition of your would-be new home. If you find problems with your home after closing, don’t expect the FHA to help. It’s your responsibility to inspect the home for problems before closing.
Finally, radon gas testing is recommended for all houses by the EPA and the Surgeon General of the United States. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-RADON, or 1-800-767-7236.
Inspections may be done before or after signing as long as your contract states that the home sale depends on the inspection.