HOME INSPECTIONS
The Utah Real Estate Purchase Contract (REPC) calls for pre-purchase inspections and evaluations by a professional home inspector. Having a home inspected is like giving the house a general physical check-up. The home inspector gives you an objective opinion of the condition of your potential new house. If problems or symptoms are found, the inspector may recommend further evaluation. The Question and Answer section explains what is involved. Buyers should also participate in the inspection process. The Pre-Settlement Walk-Through Checklist for Buyers. It is a scaled-down version of a professional inspector's list that can be printed off and used during the walk-through. The checklist is not a substitute for a professional home inspection.
A home inspection is an objective visual examination of the readily- accessible and visible aspects of the house, including the structure and system. The inspection includes a functional test of the mechanical systems (weather permitting). If symptoms or problems are found, the inspector may offer a solution or recommend further evaluation. Your Real Estate Purchase contract specifies your right to have an inspection and specific terms and conditions.
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The standard home inspector's report covers the foundation up to the roof, including crawl spaces and the attic. It encompasses the mechanical systems, the heating, air conditioning, electric and plumbing. The exterior cladding, interior rooms of the house, the visible insulation and the ventilation are also included.
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The purpose of the home inspection is part of the buyer's due diligence, and looks for significant defects in the building. Think of a home inspection as going to a doctor for a general check up. The purpose is not to address minor cosmetic and maintenance items and nit-pick the house.
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This inspection by the buyer verifies that the house is in the same condition as when the offer was accepted and that agreed repairs have satisfactorily been made.
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Typically, a home inspection can cost from $250-$500. A home is a good investment, and may be the biggest investment of your life. The bottom line: spending hundreds may save you thousands. HUD lets you claim up to $300 of the cost of the inspection as part of your closing costs.
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An appraisal is an estimate of value; it is for the protection of the lender. A home inspection is evaluation of the physical condition of the house; it is for the peace of mind for the buyer.
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FHA helps people become homeowners by insuring mortgages for lenders. This allows lenders to offer mortgages to first-time buyers who may not qualify for conventional loans. Because FHA insures the loan for the lender, the buyer pays only a very low down-payment. FHA does not guarantee the value or condition of your potential new home. If problems are found after closing,FHA cannot give or lend you money for repairs, and cannot buy the home back from you. That's why it's so important for buyers to get an independent home inspection. For your protection and all peace of mind, get a home inspection.
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