If you’re obtaining a Federal Housing Administration (FHA) loan to buy your home, you’ll be required to get an FHA inspection. This is in addition to the standard home inspection, and is designed to insure that FHA borrowers will be living in a safe, livable home. In order for the buyer to secure the FHA loan, the home must pass this inspection before settlement day.
Licensed FHA inspectors check a variety of things when they visit the home. Some of the most common problems that we see on reports include peeling or chipped paint, significant holes or cracks in the walls or ceiling, major water damage, missing smoke detectors, or an outdated electrical system (like knob and tube).
Ultimately, it’s not uncommon for “fixer-uppers” to have a hiccup or two with the FHA inspection, and your EveryHome agent is trained and experienced in handling this. If the inspector fails the home for any reason, the buyer and seller may negotiate to pay for a repair or replacement by a licensed or registered contractor. After the fix has been completed, the inspector will come back out to the home to ensure that the work has been satisfactorily completed – and you’ll be all set for settlement day!