Home inspection
A buyer-ordered examination of a home's condition — roof, systems, structure — used to spot problems before closing, separate from the lender's appraisal.
What does home inspection mean?
A home inspection is for you, not the lender: a professional walks the property and reports on the roof, foundation, plumbing, electrical, heating and cooling and more, so you know what you are buying. It is not the same as an appraisal, which estimates value for the lender. Findings can be used to renegotiate price or repairs, and an inspection contingency lets you exit the deal if serious problems turn up.
Frequently asked
Is a home inspection the same as an appraisal?
No. An inspection is for you — it reports the home’s condition so you know what you are buying. An appraisal is for the lender — it estimates value to confirm the home is worth the loan. You typically pay for both.
Is a home inspection required?
Lenders do not require one, but it is strongly recommended — your best chance to find costly problems before you commit. An inspection contingency also lets you renegotiate or walk away if serious issues turn up.
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