Step 7: Get a Home Inspection
After the offer has been accepted, you should find a professional home inspector immediately and make an appointment to meet him or her at the property. You will usually have to pay the inspector on the day of the inspection.
- The inspector will send you the written inspection report within a few days. Your lender may want a copy. If the inspection shows major problems with the house, you may cancel the contract.
- If the problems are minor, your REALTOR® can help you negotiate with the seller to repair or lower the price of the home.
- Depending on where you live or what type of home you are buying, other inspections may be required, such as to detect lead-based paint or pests or to check water quality and septic systems.
- Most lenders will wait until you have received a satisfactory home inspection before they order an appraisal. This is to ensure that you still plan to go through with the purchase as planned and enables the lender to factor in any price adjustments you may have negotiated based on the inspection.