Appraisal and Inspection Time
After the offer is accepted, your loan application will be reviewed. At the same time, these steps must be taken:
The appraisal: An evaluation of the property’s value. At the mortgage companies request, the appraiser visits the house and reviews recent selling prices of similar homes in the area.
Home Inspection: An evaluation of the property by a qualified inspector who takes an in-depth, unbiased look at the potential home to evaluate the physical condition (structure, construction, and mechanical systems), identify items that need to be repaired or replaced, estimate the remaining useful life of the major systems, equipment, structure and finishes.
Termite Inspection: Most mortgage companies require a termite inspection. If termites are found, you must have proof that the house has been treated and that any termite damage has been repaired.
Radon Inspection: Radon is a radioactive gas produced in the ground by the natural decay of radium and uranium. EPA recommends that you obtain the indoor radon level in a home you are considering buying from an EPA listed or state certified individual. If your radon test result is 4 pCi/L or higher, EPA recommends that you take action to reduce your home’s indoor radon levels. If a house has a radon problem, it usually can be cured by increased ventilation and/or preventing radon entry.
Lead Paint: Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may contain lead-based paint. Sellers and landlords must disclose known lead-based paint hazards. Under Title X, Buyers have a 10-day opportunity to conduct a risk assessment or inspection.
Water Inspection: There are many different types of water testing available. A general guideline for determining what testing is required would be to consider the county in which the property is located. In addition, please consult your mortgage company, REALTOR® and legal counsel for the specific tests you will need performed.
Sewer Inspection: An objective evaluation of the septic system components based on the experience and expertise of a qualified inspector. Most mortgage companies and lending institutions currently require on site sewage system inspections. |
