Buying a Home: Do I Really Need a Home Inspection?
April 13, 2021
DO I NEED A HOME INSPECTION WHEN I BUY A HOUSE?
Buying a home is an important step in anyone’s life. It is a huge investment. It requires a lot of thought, effort, understand, patience, and diligence. When you decide to purchase a home, it should be imperative that you understand the condition in which the home is in. Sometimes homeowners take meticulous care of their home and there still may be unforeseen or unnoticed issues. As a result, it should be in every prospective home owner’s best interest to conduct a thorough home inspection.
WILL MY MORTGAGE COMPANY REQUIRE A HOME INSPECTION?
While home inspections are in the best interest of the buyer, they are also a requirement of most, if not all, mortgage lenders. Most lenders will require a home inspection be completed prior to funding the loan. The bank, of course, wants to make sure the property they will have first lien on is in good and resalable condition. This helps to protect them in the event of a default on the loan and reassures that they could recoup their money in the result a mortgagee stops paying the loan. Many purchase contracts will also contain a home inspection contingency. This means that the sale/purchase of the home will be contingent on the results of the home inspection. This is protection for the buyer as it helps make sure the home in is good and inhabitable condition.
WHAT DOES A HOME INSPECTION CHECK FOR?
Home inspectors can check the home for a number of different items. They usually make sure that the home is in sound and livable condition. Although not an exhaustive list, some of the items they may specifically look for can include:
visible cracks in the foundation;
evidence of carbon monoxide;
evidence of radon;
signs of water issues;
signs of decay or rot;
signs of structure damage;
condition of the roof; and
HOW DO I CHOOSE A HOME INSPECTOR?
When choosing a reputable home inspector, it is important to do your research. You may receive recommendations from friends or family who have gone through the home inspection process. Also, your realtor or real estate attorney could provide you with contact information for inspectors they recommend and/or have worked with in the past.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.