Buying a home is a very big step and its usually very scary and exciting at the same time. It really is a big step and of course a lot of stress that comes with it, especially that you want to make sure that you are making the right decision and that the home that you are buying does not have an issues. That can be a nightmare to know that after all the heartache you went through to get the home loan and now that you owe all this money, that the house you bought is full of issues and its just one thing after another.
Legally when buying a home the seller does have to disclose to you an issues that the home has. But that is not to say that someone would not mislead or that at the time the really had no issues but due to age and wear and tear it was just a matter of time. Not to mention if you are buying a foreclosure its a complete buyer beware situation. In other words its up to you to know if there are any issues with the home.
If you are getting a home loan you have to get an appraisal there is not what if’s about it and of course its not free. Usually run about $450.00 to 550.00. Now you do not have to get a inspection but it is recommended. The appraiser not only provides a report on what the value of the home is but also the condition. The appraiser is looking for issues that may need to be addressed and he looks for any safety issues that will affect anyone living in the home. He makes sure there are no roof leaks or loose electrical wiring, plumbing is working etc. He basically looks for the basics to insure the lender is making a good loan on the property. But the appraisal must be submitted to the lender doing the loan since it is ordered through the lender. What ever concerns that the appraiser thinks is an issue will have to be addressed and many times someone will have to make the repairs necessary before the transaction can go forward.
Home inspector will look for every thing from top to bottom. He will crawl in the attic space he will go under the house. He will go where no appraiser has gone before. Now the home inspection is not mandatory but it is recommended. Many times I get asked if they have to do the home inspection because we got the appraisal done. The answer is you do not but its for your best interest to know as much as you can about the house being that you are not buying TV, and there is no taking this back to the store. But keep in mind unless it is something that is structural or a health issue. What your home inspector finds does not mean the lender will care to know. Also the home inspection is not submitted to the lender either. You can use what comes out in the home inspection to ask for any repairs, but it will be up to the seller whether they want to comply or not.
Any questions just let me know .. Good LUCK !!