If you are a home buyer, your home inspector can be your best friend. However, many are concerned about the cost of an inspection and prefer to waive it. This is unwise. Here’s why.
A home inspection is a very detailed examination of all the major systems of a property. These include the plumbing, electrical, heating, and cooling systems as well as the structural integrity of the property, and radon gas, mold, and termite detection, as needed.
Unlike an appraisal – the report ordered by your lender, which is used to determine how much a property is worth, and which may uncover some of the more obvious issues – a home inspection is something you order. It looks at the property in greater detail and effectively educates you on the condition of your home-to-be.
There are a couple of reasons why you need a home inspection on any property you buy but especially on foreclosures that are often sold as-is.
First, there is a window of time (often five days) after you sign the purchase contract to get the home inspection and potentially back out of the sale. If you find a significant issue after this window expires, you still are obliged to purchase the property.
Second, the seller may be unaware of or unwilling to share details regarding the condition of the home. If an inspection uncovers a significant issue within that time window, you can renegotiate the price or walk away.
In all cases, you are your own advocate, and your home inspector facilitates this.