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In my country, an inspection is required for the mortgage lender, is this not also the case for the US?
by Chris2048 1y ago
In my country, an inspection is required for the mortgage lender, is this not also the case for the US?
- me-vs-cat 1y agoI believe it depends on the lender, though it's going to be effectively required by all.
- mothballed 1y agoVery recently a record portion of houses were bought with cash, and you couldn't even get a house if you wanted an inspection because you'd be outpaced by those who weren't going to do one.
- sokoloff 1y agoAn appraisal is required, to ensure the property is worth enough that the lender will be OK in the event of a foreclosure. I've never had an inspection requirement as part of purchase initial financing nor as part of a refinancing.
- Chris2048 1y agoI had a survey, and a valuation. The survey looked for signs of problems, though they didn't tear up and walls, but I guess shoddy work outside is a sign there may be problems inside?
- sokoloff 1y agoI asked the appraiser what he was looking for on one of my refinances. "I pretty much just verify the house is real, measure the foundation [for square footage], count the floors, bedrooms, and bathrooms, then find some local comps to justify the appraisal." I don't think any of the appraisers were inside for even 10 minutes.