Myth – You Don’t Need a Home Inspection
During the home buyer process, you will have the right to conduct your “due diligence” on the home to verify that it is in the condition that you think it is in at the time you write an offer. One of the most important aspects of your due diligence is the home inspection.
Home inspections are usually performed by individuals who are licensed with the state of Nevada and have received specialized training in all areas of home construction, maintenance, and repairs. The home inspector will examine areas of the house that most people, including you, will never see – under the house, the attic, the roof top. Most home inspections will yield a number of required repairs due to insufficient maintenance or faulty construction or prior repairs. In most cases, home sellers will agree to fix identified items up to a certain amount.
Keep in mind that a home inspection is different than an appraisal. Appraisals are done to ensure the value of the home will support the amount the lender is willing to loan to you. Appraisers will usually do a physical inspection but is is a brief review. The home inspector will spend 2-3 hours at the property examining all of the home’s primary systems such as plumbing, electrical, heating, cooling as well as inspect under the house and in the attic and on the roof where some of the more major problems can be identified.
It is not uncommon for a home to not have an inspection that is satisfactory to you, the buyer. If that is the case, the contract can be cancelled (within a specified time frame) and you will usually receive your earnest money deposit back. Due to the importance of the home inspection, if you choose to waive or not conduct a home inspection by a professional, most real estate brokers and agents will require you to sign a written waiver.
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