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Home Inspection
What Is a Home Inspection?
A home inspection is a professional evaluation of a property’s physical condition prior to purchase.
Inspectors assess:
- Structural components
- Electrical systems
- Plumbing
- Roof and foundation
It identifies potential issues before closing.
Why It Matters in a Mortgage
While lenders focus on appraised value, buyers use inspections to:
- Negotiate repairs
- Request price adjustments
- Decide whether to proceed
Inspections protect buyers from unexpected repair costs.
How It Works
- Buyer hires licensed inspector.
- Inspection report details findings.
- Buyer may renegotiate under contract contingencies.
Home Inspection vs. Appraisal
Inspection → Evaluates condition
Appraisal → Evaluates value
They serve different purposes.
FAQs About Home Inspections
Is an inspection required?
Lenders require appraisals, but inspections are typically optional for buyers.
Can a deal fall through after inspection?
Yes, depending on contract contingencies.
Do inspectors guarantee future condition?
They assess current observable issues, not future performance.
Related Terms
