What’s the purpose of a home inspection?

                                                                                                                                                                                               Photo by NeONBRAND on Unsplash

 A home inspection is performed after the buyer and seller have entered into a written contract.  It’s a review of the home’s condition, including the heating system, attic, foundation, and a mold review.  The point is to identify any area of the home that needs replacement or repair.  You’ll use the report to set the final price of your purchase. 

You may choose to buy the house and make the repairs, or you may walk away from the property if the costs would be too high for your budget and the sellers refuse to lower the price or make the repairs. You can get your earnest money back provided your contract has a “sale contingent on inspection” clause.

You’ll also need to get an appraisal, which serves to assess a value to the property. You need to know that the property you’ve selected will appraise at or above the amount you’ve contracted to pay for it.