Do You Need To Have A Home Inspection?

When you are buying or selling a home, do you need to have a Home Inspection? The answer is that it depends upon state laws, lender requirements, and Real Estate best practices. While in some cases they are not mandatory, they are highly recommended, because they can benefit both buyer and seller. A home inspection may not be a requirement, but it is good to know state laws and real estate best practices.

Rooney Home Inspections of Maplewood NJ, offers certified Residential Home Inspections to homeowners and home buyers in Essex County NJ as well as surrounding NJ locations. Our inspections offer a complete picture of a house, inside and out, that will help a buyer and a seller.

Does The Law Require A Home Inspection?

State Laws

Home Inspection laws vary by state. Some states have regulations that require an inspection for certain types of properties or transactions, and other states leave it to the discretion of the buyer or seller.  It is always helpful to know about a Home Inspection requirement, whether by state laws or lender requirements and real estate practices.

Lender Requirements

Before approving a mortgage loan, many lenders require a home inspection. This is especially the case when applying for an FHA or VA loan. An inspection helps ensure that the property is in good condition and it protects the lender’s investment.

Real Estate Contracts

It is a common practice in most real estate transactions to have a home inspection contingency in the real estate contract. The inspection allows the buyer to have the property evaluated and negotiate repairs or have the option to withdraw from the deal based on the findings. While it is not required by law, this contingency is found in most real estate contracts.

Why Are Home Inspections Recommended?

A home inspection provides a detailed assessment of a property’s pros and cons, giving buyers the details they need to make informed decisions and protect their investment. Knowing the home’s condition before moving in can prevent costly surprises afterward and it may also ensure a smooth transaction. A seller can benefit from a home inspection by having the ability to make repairs and replacements before the house goes on the market.

The home inspection report can provide leverage in negotiations. Buyers can ask for repairs, a price reduction, or possibly withdraw from the purchase based on the inspection results.

Home Inspections can also ensure that the house meets safety standards and complies with local building codes. This is especially important for homes that are older or have undergone renovations.

Always Call On A Professional

Even though home inspections are not necessarily required in all cases, they are a crucial part of the home buying and selling process. Being aware of your state’s laws, lender requirements, and real estate best practices helps you decide whether or not to schedule an inspection. The seller may have already had an inspection and you can ask for a copy of the report. In the end, a comprehensive inspection allows you to buy with confidence, protect your investment and hopefully pave the way toward a satisfactory transaction. A home inspection is also beneficial for a seller, making them aware of needed repairs and as a consequence possibly getting a higher price for their home.

Rooney Home Inspections approaches each home inspection with professionalism, expertise, and knowledge of local building codes. Our goal is always to provide you with a detailed home inspection report that will help you have a successful real estate transaction, whether buying or selling. If you are seeking a home inspection give us a call at (973) 996-8257 for an appointment.