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Two FAQs about Real Estate Inspections in Florida

Septic Services LakelandPosted bySeptic Services LakelandFebruary 7th, 2017

One of the most common FAQs concerning real estate inspections and appraisals in Florida is: Do I need an inspection if the bank is having the home appraised? The answer is yes. An appraisal is an independent assessment of the present market value of a property or house.

Real Estate Inspections in Lakeland, FLThe purpose of an appraisal is to set the current value so that a lender can determine how much finance a buyer can borrow. In order to set the value of a house, an appraiser looks at similar properties in the neighborhood and the prices at which they were sold.

An inspector conducts a thorough real estate inspection of the house’s structural integrity and major systems – for example, a septic tank. While an appraiser typically works for a lender, a home inspector works for you, the buyer. He or she identifies items that need repair or replacement prior to closing. This can save you thousands of dollars.

The HUD (U.S. Department of Housing and Urban Development) requires a buyer to sign a consumer notice advising him or her to get an appraisal and a real estate inspection prior to purchasing a home with an FHA (Federal Housing Administration) mortgage. Moreover, HUD now permits buyers to include the costs of the inspection and appraisal in the mortgage.

The next FAQ is: What if the report reveals problems? Remember, no house is perfect. Just because problems are identified, this doesn’t mean you should not buy it. The inspector’s findings serve to inform you of the condition of the property in advance.

If you have any other questions about real estate inspections, call us at Southeastern Septic LLC in Lakeland, Florida.