When you buy a house, most times, the seller has to provide you with a document that lists known problems with the property. This is known as a Seller’s Property Disclosure Statement. Exceptions to this rule are listed in the Notices to the Agreement of Sale and also in the Notices to the PAR Seller’s Property Disclosure Statement (a.k.a. Form SPD).

Although this form covers many important aspects of the property, buyers should not rely on this document when determining the property’s condition. Sellers must disclose conditions they are aware of. There might be other problems the seller doesn’t know about. For example, sellers might not know of a weak spot in the roof if it hasn’t started leaking. Or the seller might not know that a septic system needs fixing soon.

Buyers should consider hiring professional inspectors to at least do a general review of the home. Some of the inspections often performed:

Electrical system

Environmental issues

Plumbing

Roof

Mold and indoor air quality

Structural condition

Are Inspections Required? If you’re not sure then get one done.

Remember that requesting and allowing inspections is negotiable. If sellers have a choice between two similar offers, they may opt for the offer that is contingent upon fewer inspections. Still, that’s a risk. When a buyer waives the right to an inspection that means the property will be accepted in its present condition, no matter what the actual condition is. This could prove very expensive for the buyer if the house needs repairs after you move in. In many ways, the decisions on the inspections may be one of the key terms of the Agreement.

Do I need a house inspection when my bank is having the house appraised?

Yes. A house appraisal is an independent evaluation of the market value of a house or property. In general, the purpose of an appraisal is to set the value of a house so a lender can determine how much to loan a buyer. The appraiser sets the home’s value after checking the going rate for similar houses in the area.

A house inspector thoroughly evaluates a home’s structural integrity. While an appraiser typically works for the bank the house inspector is working for you. The house inspector identifies what needs to be fixed before the closing. That can save you thousands of dollars.

REMEMBER: Hiring a home inspector DOES NOT guarantee that everything will be perfect with the property, or that the inspector will always discover all the problems with the property.