How to Finance a Home, Why do I Need An Inspection?

CodeMark TV Episode 18

So we’re talking about your real estate transaction. You called up Codemark Financial, we got you pre-approved, you’ve made an offer, and you’ve put down earnest money and an option fee. Now it’s time to get a home inspection.

So what’s the home inspection for?

Well, we want to make sure you’re not buying a lemon! That’s pretty darn important, right? Because, after the house and the mortgage closes and all of the other things start going wrong with the house, well, it might have been a good idea to invest in that inspection. You’re hiring these guys to tell you everything that’s wrong with the house.

What does an inspection cost?

Usually home inspections range from $350 to $400, and they’ll ratchet up the price if you need to add things. For example, if you’re buying a house with a pool, you want to get a termite inspection. $50 here, $100 there, $150 over there; just be calculating around $500-$600 for a decent inspection. And, if you’re looking at an old home, making a structural engineering inspection is also something to consider. That could increase your inspection cost, as well.

So that’s your inspection. Now look, we’ve just made it through all the initial stages of real estate, right? As I said, you got pre-approved, you made an offer, you put down earnest money, you put down the option fee, you got an inspection. Hey man, it’s blue skies after this!

We’ll keep talking about what the transaction looks like; we’re going to rewind it and go back now to the mortgage process, because now it’s time for underwriting.

Until then, I’m Mark Maclnerney, President and CEO of Codemark Financial. Catch us every Friday on Facebook Live, Lunch with Mark, and on Youtube I’m around all the time on Codemark TV.

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