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The growing importance of home inspections

Interested buyers must have homes inspected to ensure they feel confident in their purchase. 
4/13/2016 12:31:05 PM

Home inspections are a critical part of purchasing real estate. Unfortunately, buyers often make several mistakes when it comes to this essential step.

Some sellers try to hide problems. According to the official magazine of the National Association of Realtors, interested homebuyers should be cautious as there are some issues with a home that may not be obvious. In some instances, sellers completely avoid mentioning some problems.

"However, it can be very tempting for some to tell white lies or conveniently forgets facts, [sic]" said Wendy Flynn, owner of Wendy Flynn Realty, noted Realtor Mag. "In fact, a very large number of real estate lawsuits stem from owners misrepresenting their property."

Some of the top problems sellers may try to include:

  • Water damage
  • Poor insulation
  • Cracked foundation 
  • Disorderly neighbors

Something like water damage or a cracked foundation can be very expensive down the road, so catching it early is critical.

"Many sellers try to conceal water intrusion in the basement, for example, with a pile of cardboard boxes or suitcases," noted Frank Baldassarre, owner of Ace Home Inspections, according to Realtor Mag.

Home inspections are always necessary. For interested buyers applying for a U.S. home mortgage and searching for the perfect house, finding a professional to inspect properties should be a priority, noted Bankrate. Unfortunately, many consumers make the mistake of picking an inspector for the wrong reasons or not even hiring one. These errors will wind up hurting homebuyers in the long run.

When the property is being inspected, interested buyers should follow along and ask questions to gain a deeper understanding of any issues that are uncovered during the process.

"I did one inspection where the buyer didn't come along, and he ended up getting worked up about first-floor plugs that weren't grounded and completely ignored that the water tank was drafting carbon monoxide," said Aaron Flook, owner of A.M. Inspection Services LLC, according to Bankrate. "You really need to go along with the inspector, ask questions and listen when he gives you his professional opinion on the house."

A home is one of the most substantial investments, so interested buyers should take the time to ensure their purchases are worthwhile.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2015 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.