INSPECTIONS
INSPECTIONS
INSPECTIONS
- Inspections are typically ordered by the buyer as an unbiased assessment of the physical condition of a property.
- They are not necessarily required by a lender; the inspection protects a buyer from purchasing a home that requires expensive repairs or does not live up to its list price.
- An inspector will examine the condition of the property inside and out, focusing on the roof, electrical panels, wiring, plumbing, appliances, and doors and windows.
- The inspector takes photos, makes notes, and provides the buyer with a report of issues that may require attention; some of which, may not necessarily affect financing.
- If there are issues that the buyers aren't comfortable with, the buyers can ask the sellers to pay for or complete repairs, lower the purchase price, or provide some other concessions based on the inspection report's findings.
- If major repairs are needed the lender may request those issues be addressed prior to granting financing.