Info on Grand Rapids Real Estate

The Seven Most Costly Misconceptions About Home Inspections – Misconception #6

Misconception #6:  FHA or VA has inspected the house and/or the appraisal will cover me.

“Absolutely not.  While having FHA or VA do an inspection on your home is useful and they likely call out a number of concerns, this is far from a complete inspection.  In fact, the bottom line is that these inspectors are working to protect FHA or VA and not you.

“On top of that, these inspections are only about 30 minutes to an hour long at best – and 30 minutes is pushing it.  A real inspection that has your best interest at heart is going to take significantly longer.  It is unusual for an inspection to take less than 2 hours on smaller homes and many inspections have been known to take longer, depending on the size of the home. 

“The thought of the appraisal taking the place of the inspection scares the appraiser as much as it should scare you.  The appraisal is designed to determine the value of the home for the mortgage company.  The mortgage company simply wants to know if what they are loaning on the house is reasonable.  It is not designed at all to pick up the condition of the house, even though some times, if there is a major concern, the appraiser will bring it to everyone’s attention.  However, this is hardly an inspection, and every appraiser will be glad to tell you so.  Unfortunately, you rarely see the appraiser and you are lucky if you receive his report until you go to closing.

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2 responses

  1. Oh how right you are. It is so vitally important that you know exactly what you are buying. Occasionally a buyer will say, well we are not going to ask for any repairs so why inspect. My answer – because without an inspection you have no idea what problems you are taking on as your own. Well done post and great job educating the buyers in your area and everywhere.

    February 1, 2008 at 10:14 pm

  2. Thanks for echoing what we instruct our clients!!! As they say, information is power, and information about the condition of the home gives homebuyers knowledge of what they are dealing with. Client education is as important as anything when it comes to home inspections, and we want them to have the home checked out thoroughly. And, of course, it is beneficial to let them know the positive points of the home, too. Best wishes!!

    February 19, 2008 at 4:45 am

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