“Ask Your Mortgage
Are They Really Necessary?
Many First Time
Home buyers often ask if the property inspection is really necessary. I often hear “My Dad, Friend, or Brother will take a look at everything and
let us know if the property needs any repairs.” I understand
they are trying to save money, like most First Time Home buyers.
This is one area that you should not “save” money. A Licensed
Professional Inspector is trained to see current hazards or defaults as well as potential
problems. They usually warranty their work in the event they
overlooked a potential problem or current hazard. Can you really
afford, as a new home owner, a costly repair or even worse if the home is uninhabitable after moving
in? With a wide range of potential hazards from mold,
electrical, mechanical, and structural, you need to hire an inspector with many years of experience and
knowledge to protect you and your investment.
The purpose of
employing an inspector is to find the REAL problems within the home and also a list of future maintenance
items. They will also identify any potentially expensive
repairs that will be needed in the near future. If the inspector
finds items that need immediate attention, talk to your realtor and tell them you want to ask the sellers to fix
these problems before you will continue with the purchase of the home. Be sure that you are aware of the inspection deadlines stated in the
contract. You will have a short period of time to obtain the
inspections and either accept the contract as it stands or ask the sellers for either concessions for the
repairs or back out of the contract. Your decision depends on the
severity of the items indicated on the inspection report. If you
are working with a lender be sure they get a copy of the inspection report to review as soon as possible before
the deadline to determine whether the items indicted in the report will affect your mortgage loan
a very important part of the purchasing process. Be sure that you
work with a Licensed Inspector and that you are presented with the inspection report as soon possible after the
inspection has been completed. Knowing the overall condition of the
property will help you make sure the sellers make the necessary repairs before you purchase or help you as the
new homeowner to put into place a list of maintenance projects.
Even if the sellers will not fix the items on the inspection
report, and sells the property “AS IS” the cost of the inspection can be well worth the money. As the buyer, you
have the opportunity to decide if you are willing to take the house “AS IS”, or exercise the option of getting
out of the contract because of a negative inspection report. NOTE:
THE DATES ON THE CONTRACT ARE FIRM. YOU MUST HAVE THE INSPECTION
AND MAKE YOUR DECISION BEFORE THE EXPIRATION DATE. Ask your realtor
to put in an expiration date that will give you enough time to order and receive the necessary
inspections. Make sure you follow up with the realtor and the
inspector to get the report done and given to you with enough time for you to decide if you still want to
purchase the home.
As a First Time
Home buyer, you also need to consider getting a home warranty. Many
First Time Home buyers have used all their money to purchase the home of their dreams, with little or no savings
left. Many First Time Home buyers are faced with tough decisions when major repairs are needed. A home warranty will give you a little extra piece of mind if the furnace, hot
water heater, or dishwasher quits shortly after closing.
Protecting you and your investment will be important to your success as a new homeowner.
If you have questions or
comments please email them to firstname.lastname@example.org
Call Andrew today at 573-302-0600.
Listen To “The Mortgage Market Update” Weekly Radio Show on
KRMS 1150AM and 97.5 FM Every Friday Morning At 8:35am
Andrew W. Conner NMLS #
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