Home Inspections
Depending on the type of financing you choose, there should be either two or three separate inspections of the home you want to purchase. The first should be your own basic inspection, and the second should be a professional inspection by a licensed home inspector. If you select a government loan, a third mini-inspection will be done along with the appraisal.
Most any offer to purchase should be contingent upon a professional home inspection. If you are not satisfied with the results, you can cancel the contract within the termination option period, typically 7 to 14 days after the date of the contract. Performed at the buyer’s expense, inspections start at around $250 and depend on home size and features.
Inspections are designed to disclose defects in the property that could materially affect its safety, livability or resale value. They are not designed to disclose cosmetic deficiencies. If an inspector identifies a potential problem outside his scope of expertise, he will recommend a follow up inspection by a specialist in that field. Your Realtor should be able to provide a list of qualified inspectors from which to choose.