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For
Your Protection: Get A Home Inspection
Why
a Buyer Needs a Home Inspection...
A
home inspection gives the buyer more detailed information
than the appraisal--information you need to make a wise
decision. In a home inspection, a qualified inspector
takes an in-depth, unbiased look at your potential new
home to:
- evaluate
the physical condition: structure, construction, and
mechanical systems
- identify
items that need to be repaired or replaced
- estimate
the remaining useful life of the major systems, equipment,
structure, and finishes
What
Goes into a Home Inspection...
A
home inspection gives the buyer an impartial, physical
evaluation of the overall condition of the home and
items that need to be repaired or replaced. The inspection
gives a detailed report on the condition of the structural
components, exterior, roofing, plumbing, electrical,
heating, insulation and ventilation, air conditioning,
and interiors.
Be
an Informed Buyer...
It
is your responsibility to be an informed buyer. Be sure
that what you buy is satisfactory in every respect.
You have the right to carefully examine your potential
next home with a qualified home inspector. You should
arrange to have a home inspection before you purchase
your home. Make sure your contract states that the purchase
of the home depends on the inspection.
For
FHA Buyers
What
the FHA Does for Buyers...
and What We Don't Do...
What
we do: FHA helps people become homeowners by insuring
mortgages for lenders. This allows lenders to offer
mortgages to first time buyers and others who may not
qualify for conventional loans. Because the FHA insures
the loan for the lender, the buyer pays only a very
low down payment.
What
we don't do: FHA does not guarantee the value or condition
of your potential new home. If you find problems with
your new home after closing, wee cannot give or lend
you money for repairs, and we cannot buy the home back
from you.
That's
why it's so important for you, the buyer, to get an
independent home inspection. Before you sign a contract,
ask a qualified home inspector to inspect your potential
new home and give you the information you need to make
a wise decision.
Appraisals
and Home Inspections are Different...
As
part of our job insuring the loan, we require that the
lender conduct an FHA appraisal. An appraisal is different
from a home inspection. Appraisals are for lenders;
home inspections are for buyers. The lender does an
appraisal for three reasons:
- to
estimate the value of a house
- to
make sure that the house meets FHA minimum property
standards
- to
make sure that the house is marketable
Appraisals
are not home inspections.
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