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Inspection

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After the offer, the next crucial part of any house purchase is the inspection phase. Usually, the one who will do the house examination is the home inspector.

The role of the home inspector is to examine the physical structure and systems of a house from the roof to the foundation.

Traditionally the house inspector will report the condition of the following vital parts of the house:

  • Heating system
  • Central air conditioning system
  • Interior plumbing and electrical systems
  • Roof, attic, and visible insulation
  • Walls, ceilings, floors, windows, and doors
  • Foundation, basement, and structural components

The house inspection is important since it is usually needed if you are applying for an FHA or VA loan.

In most instances, it is the buyer who will ask for an inspection to determine the real physical status of the house.

Based on the result of an inspection, the buyer could make the following moves back out of a sale, negotiate a lower sales price or ask the seller for repairs before closing: choices that a buyer without an inspection report would not have been possible.

Important key points to remember in house inspection:

  1. If the inspection was part of the purchase contract, then the contractual responses will be triggered.
  2. If you have an FHA loan, the house must pass FHA standards before your final loan will be approved and you can purchase the property.
  3. If the seller had made warranties in the contract, the seller may be willing to negotiate a rebate off the sales price for the repairs or make the repairs before closing.
  4. As a buyer, you should contact some contractors and find out how much the repairs will cost. If the seller is unwilling to make repairs before closing, then you may want to cancel the sales contract.

After the inspection phase, the next important step is the insurance of the house.

Learn more about insurance on the next page.