patience3987 asked:
I’m worried that since our lender doesn’t require a home inspection, we could be setting ourselves up for future problems. I don’t mind paying for the inspection, but if the lender doesn’t require one, should I do it?
Our lender doesn\’t require a home inspection. Should we have one done?
October 31st, 2008 · 14 Comments
Tags: Other - Home & Garden
14 responses so far ↓
1 suparnova11 // Nov 1, 2008 at 4:58 am
Yes, its generaly a good idea, especially if you can pay for one.
2 Marjorie R // Nov 4, 2008 at 1:21 am
Absolutely! If you find something you can always use it as leverage to lower the price - or if you don’t, you can rest assured that everything is OK.
Home inspections are a must.
3 Jack430 // Nov 5, 2008 at 9:57 am
Of course you should! There’s no sense taking a chance on buying problems.
4 firefly37830 // Nov 6, 2008 at 12:50 pm
I would do it to be on the safe side. I never heard of a lender that didn’t require one. Seems fishy to me.
5 Jen C // Nov 6, 2008 at 5:33 pm
I would; home inspectors can find things the average person wouldn’t notice and it could save you lots of $$$$ and trouble in the long run. Any problems found may give you some bargaining power with your price; if it’s something simple to fix, you could ask for a lower price. I think it’s well worth the money and will have one when I buy another house.
6 courtney s // Nov 10, 2008 at 5:04 am
Absolutely! They cost anywhere from $200-$400 and are well worth the money. You might discover a problem that would eventually cost thousands (like a bad roof). Plus, if things need to be fixed, you can ask the sellers to fix it or to lower the closing costs so you can do the repairs.
We had it done and ended up with $2000 off of the closing costs.
7 oaktreehouse4@verizon.net // Nov 11, 2008 at 3:11 pm
I would do it. It could save you tons of money in the long run, you won’t be getting any surprises when you move in, and maybe you can get the seller to fix some things at his expense. A home inspection is worth every penny. Many lenders are not as strict and you can find tons of things wrong in the house that the lender doesn’t care about. We did and we backed out of the sale.
8 victim_of_fun00 // Nov 14, 2008 at 10:41 pm
YES- we bought a new house last year and the 1st house we thought we were going to buy turned out to be $ pit! The inspection cost us $300- but saved us in upwards of 30K! The ppl who were buying our old house didn’t have the house inspected and I just think that is crazy. $300 is not that much $- you really really should- unless you are a contractor or something and know what to look for.
9 DAN H // Nov 17, 2008 at 1:57 pm
Yes, definitely. It’s cheap insurance. Your lender will still expect monthly mortgage payments even if your house turns out to have termites, a settling floor, or a myriad of other expensive, unforseen problems. A home inspection is for your benefit, not theirs.
10 loving father // Nov 20, 2008 at 10:29 pm
Often times lenders won’t require an inspection. However, when you’re buying a house, you want to make sure you’re covered as much as possible. It’s a small price to pay for peace of mind. In addition, you may also request that the seller buys a home warranty. Again, a small price for additional security. Inspectors will often times catch bigger problems than the untrained eye would ever even imagine! They are in countless homes, and wouldn’t think twice about giving you - the buyer an honest evaluation of the home. Be cautious though… They will point out even some real nit-picky things. It’s ultimately up to you to decide what is reasonable to live with, and what absolutely MUST be fixed prior to agreeing to the purchase agreement. This can also create the opportunity for you to ask the sellers to fix items they themselves might not be aware of! Good luck!
11 Greg J // Nov 22, 2008 at 7:01 pm
If you are buying a house, you are investing tens of thosands of dollars or hundreds of thousands. An inspection only costs two to three hundred dollars. It is a wise move to have a third party inspect your house. In fact, ask the realitor for a picky inspector
12 judy_derr38565 // Nov 22, 2008 at 10:41 pm
It is definately a good idea, depending on where you live it should cost around $350 or up, but well worth it, we had one done before moving into our house, if the inspector is good he will detect any major repairs that need done as well as minor things, your realator will be able to help you in this area. They have a trained eye and know what to look for, things that you may over look. Good Luck with your new home.
13 Sarah R // Nov 24, 2008 at 3:48 am
YES YES YES………….you absolutely should have that done!! it is worth the money and they know what to look for!
14 Jean f // Nov 26, 2008 at 4:08 am
It is up to each Person if they want one. It is a good idea to get one but If your lender doesn’t require one that means the buyer will have to pay for it. We bought a fixer upper one time we did not get an inspection done it worked out anyways. I did call all of the utilitiy companys to see when that utility was on last and how much did they run and if it looked like with that usage if they thought there would be something wrong like with pipes or wires and such. This is a good thing to do. Look at the property closely. Have someone you know craw under the house and check for termite damage. Look for any color changes in the ceiling and walls ( leaks ). Just keep your eyes opened. Good Luck…
Leave a Comment