Home inspection

Definition

An examination of the property’s visible condition by a building inspector, before the sale becomes firm. It helps the buyer decide and negotiate: roof, foundation, electrical, plumbing, moisture. It does not set the value the lender uses, which comes from the appraisal. An inspection that uncovers a major defect can justify renegotiating the price, asking for a repair, or walking away if the offer has an inspection condition. Example: a roof due for replacement in two years weighs on the buyer’s budget but changes nothing in the appraisal, so keep cash on hand after the down payment for that kind of cost.