| After inspections buyer and lender often ask seller to make repairs Buyer inspections usually take place after the
price and terms have been negotiated.
Lender inspections seldom provide
warranties for buyer. |
Some buyers order a building inspection and if there are no major flaws
proceed. Some buyers order a
building inspection and ask the seller to repair all flaws.
Most buyers ask the seller to repair some
items that surface in the inspection report as items that need attention. |
The appraiser's mandate is to determine if the property is being sold for a
fair market price. The appraiser usually needs inside access to view the condition and
amenities. It is the appraiser who
alerts the lender to the need for add-on inspections.
For instance most lenders require five
years remaining roof life. |
When a property is being financed by a lender, it is reasonable to expect
the property to meet minimum lender requirements. This is usually but not necessarily
the seller's responsibility. Common
inspections are roof, septic, electrical, structural and pest. The pest inspection deals
with infestation, ventilation and water damage. |
