After the offer is accepted, your loan application will be reviewed. At the same time, the steps below must be taken. If you are in need of additional home appraisal and inspection information or the Main Line Philadelphia area, contact us today. We would love to help!
This is an evaluation of the property's value. At the mortgage company's request, the appraiser visits the house and reviews recent selling prices of similar homes in the area.
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), identifies items that need to be repaired or replaced, estimates the remaining useful life of the major systems, equipment, structure and finishes.
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 is a radioactive gas produced in the ground by the natural decay of radium and uranium. The 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, the 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.
Any purchaser of residential property in which a 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.
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.
This is 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 onsite sewage system inspections.