Can A Home Inspection Kill Your Deal?
As you go out home shopping you need to consider that the house you fall in love with will need to pass a home inspection.
Some things are minor and no house is perfect...but it's good to have homes professionally inspected.
Many interesting things are uncovered by an inspector.
An FHA loan also has many requirements for a home to pass that seem like overkill. Like peeling paint, cracked foundations, height of steps and no hand railings and many more items.
Many times this happens on a property that is being sold, "As Is".
There is a good reason why sellers sell homes like this...because they don't want to make any repairs.
After an inspection on an "As Is" home, you can't ask sellers to fix anything and your FHA loan may require items to be repaired before they will close.
An appraiser will have to come out again to re-appraise specific items and a buyer will pay again for that visit also.
Lenders are very picky in what they will loan money on these days. As we look at homes, I like to be pro-active in thinking ahead to whether the home will pass a home inspection.
I might mention that I see a few red flags as we tour homes. It's not because I don't like the house.
There is nothing worse than a buyer paying for the inspection and having to get out of a contract. Some of these are tough to release.
Then we have to start all over again.
It is a learning process and every situation is different.
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Lizette Fitzpatrick- Principal Broker at Lizette Realty.
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Copyright © 2011 By Lizette Fitzpatrick, All Rights Reserved