When you are getting ready to buy a home, you will need to have an inspection done before the bank that will mortgage the home commits to your financing. If there are any major structural issues that are found during the inspection, then the bank will want those issues rectified before the closing takes place. So read further to learn more about the importance of a home inspection, and what the inspectors will be looking for specifically.
Pre-Purchase Building Inspection
When a bank is willing to approve you for a mortgage, they will want to make sure that the property you will be buying is structurally safe. The inspector will look for things like major defects, any issues that may arise in the near future, maintenance issues that are long overdue, inferior construction work, deterioration, and other areas that don't look quite right. The building inspector does take into account that you are looking to buy the house, so the inspection is specifically focused on the fact that you're willing to make sure any big issues are corrected before you buy.
Why An Inspection is Required
The purchase of a home is a huge investment, and many times you may be tight on cash once you have completed the sale. If you're looking to buy a home that may need renovations, it helps to know exactly what renovations are needed before you close the deal. Otherwise, it's possible you may end up regretting the purchase.
When a building inspector goes into the home, they may uncover potential issues that the seller was never aware of. The seller may be willing to negotiate the selling price if major issues are found, or may be willing to rectify those issues on their own. But the bank needs to make certain that the home will stand the test of time, that there are no electrical issues that have a high probability of causing a fire, that the home has a roof that will keep your home safe from the elements, etc. This inspection essentially protects you and the bank from buying a home that essentially wasn't worth the purchase price.
Issues Found During Inspection
As stated above, if there are any issues found during the inspection, you do have a few options, and one of those options is backing out of the contract if the seller is not willing to help rectify the problems, or is not willing to lower the purchase price. For this you will need to retain an attorney to make sure you back out of the contract legally.
If you have more questions about the pre-purchase inspection, visit a website like http://www.homeinspectionassoc-ma.com for help.Share