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Buyer Protection

Do I need a home inspection when my bank is having the home appraised? Yes!

A house appraisal is an independent evaluation of the current market value of a home or property. In general, the purpose of an appraisal is to set the current value of a home so that a lender may determine how much it can loan to the buyer. The appraiser looks at similar properties in the area and the prices at which they were sold to set the value of the house.

A home inspector conducts a thorough evaluation of the home major systems and structural integrity. Whereas the appraiser is typically working for the bank, the home inspector is working for you. The home inspector identifies items that need replacement or repair prior to closing, which can save you hundreds or even thousands of dollars.

U.S. Department of Housing And Urban Development (HUD) requires buyers sign a Consumer Notice advising them to get a home inspection in addition to a home appraisal before purchasing a home with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of the appraisal and home inspection in their FHA mortgage.

US Department of Housing and Urban Development (HUD) LogoUS Department of Housing and Urban Development (HUD) and Federal Housing Administration

OMB Approval No: 2502-0538
                      Date: 06/30/2006
                      Form:HUD-92564-CN (12/03)

Why a Buyer Needs a Home Inspection

A home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. 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
Appraisals are Different from Home Inspections

An appraisal is different from a home inspection. Appraisals are for lenders, home inspections are for buyers. An appraisal is required for three reasons:
  • To estimate the market value of a house
  • To make sure that the house meets FHA minimum property standards/requirements
  • To make sure that the house is marketable
FHA Does Not Guarantee the Value or Condition of your Potential New Home

If you find problems with your new home after closing, FHA can not give or lend you money for repairs, and FHA can not buy the home back from you.

Radon Gas Testing

The United States Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-Radon or 1-800-767-7236. As with a home inspection, if you decide to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states the sale of the home depends on your satisfaction with the results of the radon test.

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 new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection.

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