| People sometimes confuse a home inspection and an | | | | complaint.There is the chance that your realtor or |
| appraisal when they are in the process of buying a | | | | your lender will advise you not to bother. Why? |
| home.Most mortgage applications involve an appraisal, | | | | Because when you see the 25+ page form filled with |
| which can be a | | | | notes about a cracked sidewalk or a 10 year old heat |
| physical inspection of the property plus a written | | | | exchanger or a broken window with some moisture |
| analysis of similar homes that have recently sold in | | | | nearby, you might kill the deal. First time homebuyers |
| the area. An appraisal can also be what is known as a | | | | are especially nervous about everything and will use |
| "valuation" and can be the result of pulling data from | | | | any excuse |
| a database that compares home sales in the area, | | | | to act on their buyer's remorse.FHA, however, |
| tax records and other information that will give the | | | | recommends a Home Inspection on every purchase |
| lender a range of value.Since the true value of a | | | | and you have to sign a form stating that someone |
| home is what a willing buyer and a seller who is not in | | | | told you that. Their reasoning is that the Appraiser |
| distress will agree on, the lender is typically just | | | | will never catch everything that's wrong with a house |
| looking for verification that the sales prices can be | | | | and they don't want the liability or hassle from you |
| supported by neighborhood data and the loan risk is | | | | later.What should you do? Get the inspection. Have a |
| minimized.A Home Inspection, however, can be done | | | | trusted family friend or parent who understands your |
| at any time, but is especially helpful at the time of | | | | temperment and who has owned a home go over it |
| purchase to discover defects. The mechanical | | | | with you. Let them tell you which items will cause |
| systems of the home (heating, plumbing, electrical, | | | | you real grief and which things are just minor |
| roof, etc.) are reviewed to see if they merit further | | | | annoyances.The realtor and the lender both have |
| investigation. Each area of the home is checked | | | | commissions or fees riding on your deal. There may |
| against standard forms and guidelines to see what | | | | even be deals stacked around this one as the seller |
| problems might need correction.Home Inspectors can | | | | buys a house and that seller buys another house, etc. |
| be a trained professional, licensed to perform true, | | | | You need someone who knows you and is not easily |
| in-depth inspections, or they can be the assistant to | | | | frightened to look over the report and tell you the |
| someone who went to class and got "certified" and | | | | truth.Judi Moore authors Ask The Underwriter at |
| bought an ad in the phone book. Get several | | | | 2rHouse.org and personally answers questions from |
| recommendations or work with a name brand service | | | | readers about FHA mortgages and mortgage advice |
| so you have somewhere to go with a | | | | in general. |