In this blog, we will discuss and cover walking away after a home inspection. A home inspection on a home purchase is normally done by homebuyers before the home appraisal. Home inspections are not required by mortgage lenders. However, it is highly recommended for homebuyers to get a home inspection done.
There are instances when walking away after a home inspection is a wise thing to do. You will not get a refund on the home inspection when walking away after a home inspection. A home inspection on a home purchase is normally not required by lenders and it is optional. However, the cost of a home inspection on a home inspection is worth every penny.
How Is an Appraisal Different From a Home Inspection?
Many home buyers confuse a home appraisal with a home inspection on the home purchase. A home appraiser is not a home inspector. Home Appraisers will only note defects of the subject property that is obvious to the human eye. A home appraiser will check to see if the HVAC systems, plumbing systems, and electrical systems are operational. A home appraisal will not delve into the condition or the longevity of mechanical systems. There can be hidden faulty wiring and pipes that are not visible to the average person.
When Is Walking Away After Home Inspection a Wise Decision?
There are instances when walking away after a home inspection is the best decision for a homebuyer. Flaws and major defects in a home can be hidden where only a home inspector or construction professional can detect them. Home inspectors are professionals trained to find potential defects such as the following:
- foundation problems
- mold
- faulty work is done to the home without proper permits
- longevity of roof
- the mechanical condition of appliances
What Is Typically Found During a Home Inspection?
Home inspectors will test and inspect the following:
- all appliances
- check for structural problems in the home
- check attics and basements
- run all faucets, showers, and toilets
- check plumbing system
- check for faulty wiring
- check to see if there are foundation issues
In this article, we will cover and discuss the importance of a Home Inspection On Home Purchase.
What Items Should Be Inspected By Home Inspectors?
Every part of the home should be inspected by the home inspector. The following are checklists inspections for home inspectors:
- the exterior of the home
- interior of the home
- basement
- attic
- all electrical systems
- all plumbing systems
- heating and air conditioning systems
- appliances
- amenities that come with the home such as outdoor kitchens, pools, saunas, and whirlpools
What Are The Most Important Parts of a Home Inspection
A keen professional home inspector will also check for the following:
- defects in foundations
- defects in construction
- insulation
- work that has been performed and completed without proper permits
- other potential issues, large or small, that can create a potential problem for a home buyer after they close on their home
Even though the home inspector will comb every square inch of the subject property he or she is inspecting, buyers should address any concerns or issues that they may have
When To Walk Away After a Home Inspection From a House Purchase
There are items that a home inspector should thoroughly inspect because if there are defects, it can mean thousands of dollars in repair costs for the home buyer after they close on their home. The roof should be scrutinized. Check there are no leaks or potential leaks or issues with flashings. There are ways of detecting potential roofing problems by going to the attic to see if there are any wet spots. A home inspector may or may not go on top of the roof to inspect if the roof has been properly flashed to see how many layers of roofing are on the roof. The maximum about of layers allowed in most municipalities per building code is no more than three layers of roofing.
Walking Away After a Home Inspection Due To Roof Damage
There are homes with more than three layers of roofing but that can create a potential problem if there is a lot of snow in the winter season due to the weight load. A tear-off roofing job will be the ideal solution if there are multiple layers of roofing. If the home has a chimney, a chimney inspection should also be done. Many professional inspectors who run into a situation where they are not experts will consult with an expert in the field if there are questionable concerns. The home inspector will notify the home buyer and will most likely charge an extra due to consulting with another expert.
Walking Away After a Home Inspection Due To Flood Zone
Certain areas in the United States have homes built on flood zones and/or on top of hillsides where a home inspector may recommend a geologist to perform a geological analysis. This can be costly but in the long run, can save a home buyer thousands or even tens of thousands of dollars in the future.
Walking Away After a Home Inspection Due To Sewer, Well, And Septic Damage
Well, septic systems can cost thousands of dollars. Homebuyers who have a well and septic system should get a well and septic inspection. A home inspector will most likely not be able to do this inspection. A well and septic specialist most likely needs to be hired to perform a well and septic inspection. A new well can cost more than $10,000 and so can a damaged septic system. Sewer defects can definitely disrupt the home and can also be quite costly.
Should You Walk Away From a House With Termite?
In general, lenders do not require termite inspection for all home purchases if the home buyer waives the termite inspection report on the real estate purchase contract. Lenders and VA may require termite inspections in some areas and states where termites are common as the South Region of the United States. Termite inspections are not too expensive. Most termite inspectors charge no more than $100. Termites can do severe damage to a home’s structure. A termite inspection is really recommended in areas where termites are common. A termite inspector is a different inspector than a home inspector.
What Happens If Home Inspector Finds Asbestos And Mold?
A home inspector normally inspects the home for mold issues. If a home inspector sees signs of mold, he or she will note it on his home inspection report. To find out the severity of the mold problem on the subject property, a mold inspection and remediation company needs to be hired for a full mold inspection report. Older homes may have asbestos. Mortgage lenders may require an asbestos inspection on homes built prior to 1975. Asbestos is normally found on the insulation around water heating systems, pipes, and ducts.
Home Inspection on Room Additions, Finished Basements, and Attics
If the subject property has had a room addition or finished basement and/or attic, homebuyers need to find out whether the addition or remodeling was done per code. Buyers need to make sure there are no electrical, plumbing, or HVAC hazards. Room additions will require permits. Need to ask to see copies of permits, drawings, and certificates of occupancy from the city. If work has been done without proper permits, make sure that the work has been done per code and that there are no potential hazards.
Inspection of homes can be quite costly if it goes beyond the basic home inspection. However, a home purchase is probably the biggest investment a person will have and if the home inspector recommends specialty inspections such as well and septic inspection, termite inspection, structural inspection, or other inspections due to signs of potential defects, then the money spent on an inspection will be worth every penny.
Steps on Walking Away After a Home Inspection Due To Defects on the House
In the event, that there are issues with the home a home buyer intends on purchasing, then get out of the real estate purchase contract and get all of the earnest money back. As far as the inspection fees, the cost of a home inspection will be non-refundable. But homebuyers could have avoided a potential disaster. Many times when an inspection result comes with defects, the home seller will offer to fix it or a repair credit will be issued. Home Inspection on a home purchase is highly recommended to all home buyers even though home inspection On Home Purchase may not be required by lenders. If you have any questions, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at gcho@gustancho.com.
This blog on walking away from a home inspection was updated on August 3rd, 2022
