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House Purchases
building inspection report...
Date: 1/26/2006 7:30:32 PM ( 18 y ) ... viewed 1322 times
The Inspection report:
Good things to know,
I am learning.
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Finally, having advocated a proactive approach throughout, there is one area over which you have no control and that is the appraisal. Mortgage lenders like to have an appraisal of your prospective home's market value to protect their financial interests. You might imagine that your interests too, are being protected – surely an appraisal will reveal any real problems? - but you'd be wrong. You might pay for the appraisal but you would be well advised to pay for a home inspection report as well.
Why the extra expense?
1.The inspector is independent of the lender.
2. The inspection will be thorough taking in inspection of the roof; testing of electrical appliances; checking plumbing and heating and looking for signs of pest infestation and dry rot.
3.Having had the forethought to get a home inspection report you will now have the leverage to defer payment of the appraisal fee should you be dissatisfied with the proposed handling of repairs.
One final word of caution. You should apply the same precautionary principles to the home itself as you did to the homebuying process. Again, don't let your heart rule your head. Your dream home might require as much hard work – the addition or removal of features, for example – as did laying the foundations earlier in the process.
Maureen Cook lays the foundations for buying Real Estate. Learn how you can navigate the practical and financial minefields to own your dream home! Visit: http://www.real-estate.myknowledgevault.com
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