Quantcast

Did You Know?

A home inspector evaluates the condition of a house based on a visual assessment. His inspection report contains details about any issues with the home.

FHALoan.com
Click to Start Your Refinance or Purchase Loan
Step 6: Making an offer to the seller
Step 7: Getting a home inspection
Step 8: Homeowners insurance
Making an Offer

When you're ready to buy a home, your lender will arrange for a home appraisal. They use this to determine a home's fair market value and whether it meets minimum loan requirements. This is not to be confused with an inspection.

Don't Skip the Home Inspection

A home inspection will give you a more detailed picture of a home's condition than an appraisal. This is an important factor to consider in what will be a wise decision – to buy or take a pass on a particular home. Before a seller will let you do an inspection, they'll likely want a signed contract in place. That's why this step usually follows the negotiation process.

What Goes Into an Inspection?

A qualified inspector takes an unbiased, in-depth look at your potential new home to:

  1. PHYSICAL CONDITION
    Your inspector will evaluate the physical condition of the home's structure, construction, and mechanical systems.
  2. PROBLEMS AREAS
    A thorough inspection will identify items that need to be repaired or replaced.
  3. USEFUL LIFE
    The inspector will estimate the remaining useful life of the home's major systems, equipment, structure, and finishes.

The Inspection Report

Once the inspection is completed, the buyer will be presented with a detailed report showing what was found. It can include summaries, descriptions of particular problems, and photographs. Many states require that the report be delivered only to the buyer and not to the seller.

A dripping kitchen faucet is not a big deal, but an aging air conditioner or roof might become a costly repair in the near future. The discovery of major issues can bring you and the seller back to the negotiating table. In such cases, the seller might agree to a lower price, freeing up funds for you to fix the problems later and not delay the closing date. Always be prepared to walk away from the deal if the seller refuses to address a big problem and wants you to inherit it.

Learn 
About the One-Time Close Constuction Loan
Buyers must arrange for a home inspection. The report they receive should cover the interior and exterior of the property, the structure, and the mechanical systems.
See Your Credit Scores From All 3 Bureaus
See Your Credit Scores From All 3 Bureaus
GET YOUR SCORES NOW!

FHA Loan Articles

What Kind of Home Loan Works for Me?

Once you’ve decided that you’ll be purchasing a home, one of the first questions you need to ask yourself is what kind of mortgage you’ll be using to finance it. When it comes to shopping for a home loan, there are a number of options to consider.

Everything You Should Know About Appraising for a Refinance

Savvy homeowners make it a point to monitor interest rates so they can take advantage of a drop. Many choose to refinance their mortgages to capitalize on falling rates and lower their monthly payments and save on interest.

Down Payments for FHA Loans

One of the major hurdles that keeps families from purchasing a home is the need for a down payment.  The FHA’s goal is to offer more homebuying opportunities to low- and moderate-income Americans and set more easily achievable down payment requirements for borrowers. 


-- Find More Articles in the FHALoan Library --

FHALoan.com is not a government agency. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHALoan.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We do not ask users to surrender or transfer title. We do not ask users to bypass their lender. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors.

SecureRights Advertiser Contact Information