Home Inspections Are Crucial
And many of these problems are things a homeowner may not be able to spot on their own without the trained eye of an expert home inspector. Some borrowers seem happy to purchase a home with the appraisal only, opting out of the optional, borrower-scheduled home inspection (which is far more in-depth than an appraisal).
According to a February 2019 report at the Framework official website, there’s a joke about home-related problems; “15 out of 10 of them are water-related.”
Yes, you read that joke correctly, a disproportionate number of issues a home buyer may have with their property after closing have something to do with water issues.
A home inspection is key to detecting such problems (see the list below). Borrowers will review the list below and (hopefully) realize their expertise or lack of it in detecting such issues that make arranging a home inspection one of the most important things you can do when you are ready to fully commit to the loan.
What do the following potential symptoms of a water-related house problem mean to you?
- Damaged, overflowing, or mis-aligned gutters or downspouts
- Pooling water near the foundation
- Visible foundation cracks
- Deposits on basement walls
- Flaking on basement walls
- Cracked caulking in the kitchen
- Cracked caulking in the bathroom
- Any indications of mold or mildew
- Paint bubbling
- Condensation, frost, or ice on the interior side of any window
- Sweating water pipes
- An unstable toilet
Examine this list and you’ll see that any one of them may or may not say something to the layperson or untrained observer. But they DO say something to the trained home inspector who is charged with reviewing such problems and delivering a report on the condition of the home to the borrower.
Remember, FHA appraisals do NOT act as a stamp of approval, a promise that the home is free of problems, or any other such thing; appraisals are lender tools and not borrower tools. Borrowers should pay for the home inspection with the idea that you are paying hundreds now to save yourself many thousands of dollars later.
For your protection, get a home insepection.
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