Home Buying in 94523>Question Details

Gloria Daise, Home Buyer in Upper Marlboro, MD

I'm purchasing a new home via FHA. Do I need to have a independent inspection for the new home? It was already built when I purchased it.

Asked by Gloria Daise, Upper Marlboro, MD Fri Dec 17, 2010

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Answers

11
FHA suggests that you have a property inspection, but does NOT require one to be performed.
0 votes Thank Flag Link Tue Oct 14, 2014
A "general" home inspection is not required to secure approval for an FHA loan. However, be aware that the appraiser is given instruction to keep an eye out for certain home conditions that could cause the lender to decide not to loan on that particular property. These conditions can include but are not limited to, obvious dry rot, mold, broken windows, missing safety handrails, anything dangerous or anything related to water leaks or water intrusion and many other potential problems. If an appraiser puts any of these sorts of items in the appraisal report it is highly likely the underwriter will require they be repaired in order to give final approval on the loan. Either buyer or seller could pay for those repairs, that would be a matter of negotiating.

The moral of this story is that FHA will not lend on a "fixer upper" that needs repairs beyond just cosmetic stuff like paint and carpet. But the house does not need to be perfect or sparkling either. Be sure to ask your agent.
Flag Thu Mar 12, 2015
I'm unfamiliar with ANY lender that would commit to a mortgage loan without the buyer obtaining all necessary inspections.

Just keeping it real!

Bill
0 votes Thank Flag Link Sun Sep 21, 2014
An inspection is not usually required however it is often recommended.

They are only a few hundred dollars and they are surprisingly detailed in what it covers. I know contractors that go without getting inspections but if you do not know what you are looking for it can cost you a ton of money...

FOR INSTANCE

Last year I had a client that refused an inspection and when with their own contractor who was a friend... Just three months after purchase they discovered mold in the crawl space and it ultimately cost them thousands of dollars to fix...

The entire thing could have been avoided with a simple fast home and mold inspection
0 votes Thank Flag Link Sat Sep 20, 2014
New homes I would for sure get an inspection because it hasn't settled yet. Like, some homes in another city was built on the hills it was discovery that the houses were sliding after a year or two.



Tim Nadem
Coldwell Banker
BRE #01942555
0 votes Thank Flag Link Tue Nov 12, 2013
Gloria,

Just because a home is new doesnt mean that you are guaranteed anything. Builders make mistakes (both innocent and otherwise) and having an independent inspectionon the home at a minimum guarentees that you have bouht what you are promised. Even if Consider it cheap insurance. :-)
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Mon Dec 20, 2010
Hello Gloria-

The more you know about the house the better- you do not have to have a independent inspection but you sure want to know what the builder may miss- i have bought 2 new homes and they can 'miss" a lot! also as another
colleague mentioned, getting a Realtor to represent you really is important too- they can negotiate a good deal!

good luck!
0 votes Thank Flag Link Sat Dec 18, 2010
Gloria,

It is not a requirement that you have an independent inspection done for a new house. It is wise, however. We have all seen new houses that have defects. I have seen plumbing that was not connected and spilled water into the interior of a wall until it was noticed. I have seen supposedly insulated attic areas where the insulation had not been installed. I have seen a one year old house with cracked roof tiles where the owner had never been on the roof. (Most likely a result of workers on the roof during construction.) These things would have been caught by a home inspection. The builder usually provides a limited warranty that will provide coverage to fix these sorts of problems but you have to find the problems before you can get them fixed. An inspection is likely to find the problems now rather than you finding them later…if ever. If you are paying many tens of thousands of dollars for a new house, the extra, relatively small, expense of a home inspection is worthwhile.
0 votes Thank Flag Link Fri Dec 17, 2010
Gloria,
Yes, you should have an independent inspection. It should show any defaults that may go undetected by the appraiser. I hope you used a licensed realtor to help you with the transaction. Many times we can assist in negotiating the best purchase for you even with new construction.
Regards,
Suzanne Looker
0 votes Thank Flag Link Fri Dec 17, 2010
No, but it is a good idea for your own personal knowledge of the condition of the property. The FHA appraiser acts as sort of an "inspector" to determine if the property qualifies for FHA financing based on condition.

Home ispectors do a much more thorough evaluation of property condition, and in many cases turn up things that, while they do not exclude the home from FHA financing, do have an effect on your ability to enjoy the home.

Remember, you want to know as much about the property and its condition as you can to make sure it is a good fit for you and your family's needs!
0 votes Thank Flag Link Fri Dec 17, 2010
Gloria,

A FHA appraisal is pretty thorough. But, for the small cost for peace of mind I would also recommend to have an inspection performed.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Fri Dec 17, 2010
I would always recommend a home inspection for any home, regardless of when it was built. New homes frequently have defects that can be identified by a good home inspectore. Have a home inspection for your own protection and peace of mind.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, J. Rockcliff Realtors
DRE License # 01331583
Phone (925) 997-1585 - bernard@bernardgibbons.com

http://www.BernardGibbons.com
0 votes Thank Flag Link Fri Dec 17, 2010
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