Do Potential Home Buyers Have To Ask For A Home Inspection?
A Home Inspection is a standard part of most real estate transactions but they are not always required. A Home
Inspection may be required by state laws, lender demand, and real estate best practices. Although Home Inspections are widely recommended, they usually aren’t mandatory. Home Inspections do however, benefit both buyer and seller in the sale of a house. Whether Home Inspections are necessary is answered by several factors, but they definitely are if you want to feel comfortable about the property you are potentially going to buy.
When a Home Inspection is desired, Rooney Home Inspections offers comprehensive Home Inspections to home sellers and buyers in Essex County NJ and surrounding NJ locations. We like to provide a complete picture of a property so a potential buyer can proceed with confidence.
State Laws
Home Inspection laws vary by state. Some states have rules requiring inspections for specific types of properties or transactions. Other states leave it to the buyer’s discretion. There is no state law requiring a Home Inspection in New Jersey, although an inspection is recommended.
Lender Requirements
Many lenders do require a Home Inspection before approving a mortgage loan. This is especially true for FHA or VA loans. The inspection helps protect the lender’s investment.
Real Estate Contracts
In many Real Estate Contracts, a Home Inspection contingency allows buyers to have a Home Inspection and use the results to negotiate repairs or back out of the deal. While not a legal requirement, this contingency is common practice in most Real Estate transactions.
How Do Home Inspections Benefit A Buyer?
A Home Inspection offers a detailed assessment of a property’s condition, thus helping a prospective buyer make an informed decision and protect their investment. The findings from a Home Inspection report can provide leverage in negotiations. A buyer can ask for repairs, a price reduction, or withdraw from the transaction entirely. Home Inspections may also ensure that the property meets safety standards and complies with local building codes. This is especially true when purchasing an older home or one that has undergone extensive renovation.
Protect Your Intended Investment
Although Home Inspections may not be legally required, they are an essential factor in the home-buying process. Understanding your state laws, lender requirements and real estate practices will aid in the decision to schedule a Home Inspection. In the end, a thorough inspection can provide peace of mind, protect your investment, and generally ensure a smooth transaction with no surprises down the line.
Rooney Home Inspections offers experience in the Home Inspection field. We provide a thorough examination of a property and a detailed report with photographs. For Home Inspection services call us at (973) 996-8257.