Once you select a property to purchase, it must be inspected. Just as you must qualify for a Monthly Mortgage Payment you can afford, the property you want to purchase must undergo an inspection review process to determine the home’s condition to qualify for purchase. Property inspections are crucial to help you avoid unexpected expenses and to be prepared to address known or unseen potential property defects or existing safety, health, code, structural, mechanical, electrical, systems or other issues. The property inspection must be completed by a NACA-registered home inspector and pest inspector to determine the overall condition of the home you wish to buy. Assessing a property’s condition requires a professional property inspection, wood destroying insect report and possibly other evaluations or work write-ups from skilled licensed trade professional(s).
The licensed property inspector(s) must be an independent party of the seller, R.E. Agent, Listing Agent and yourself. You can select any licensed residential property inspector(s) from the NACA-registered list provided below or through your Web-File. Registered inspectors are independent contractors and do not work for NACA. You are also free to select outside of this list any home inspector of your choice if s/he is willing to use the required state specific software, provide proof of license, maintain appropriate insurance, provide reinspection services and adhere to NACA’s policies and procedures. They must register with NACA prior to conducting your inspection. Keep in mind that such approval may delay the processing and closing of the loan. Property inspections are an out of pocket, non-refundable Member expense with cost in most markets ranging from $300 to $600 depending on the property size and type. Other nonrefundable out of pocket inspections may also be necessary such as structural, electrical, HVAC, roof, mold and other evaluations or tests, depending on the type, size and existing conditions of the home. Inspection fees are due directly to the inspector immediately after the inspection has been concluded.
Since time is of the essence, NACA-registered inspectors agree to schedule inspections within 48 hours of your request if you identify yourself as a NACA Member when placing the order. You must be present at the home inspection and actively participate so that you are thoroughly informed about the current condition of the property and any future maintenance issues. All utilities must be on at the time of the inspection along with complete accessibility to all areas of the property for the inspectors’ review. At the conclusion of the inspection, the inspector is required to go over the information with you and answer all of your questions. Your presence at the home inspection will be verified by a photograph taken by the inspector in front of the house. You cannot complete the loan application without completed inspections.
The inspector will upload the inspection report into your NACA file using your NACA ID number the same day or no later than 24 hours after the completed inspection. Read this report carefully as it contains valuable information about the home and will likely identify necessary or future repairs, information on utilities and tips to improve energy efficiency. Make sure to contact the HAND Department about the inspector’s comments and do not be afraid to ask for a second opinion if you are still unsure about any item. Having a good understanding of the condition of the home will help you avoid a house with serious problems or unpleasant surprises. The same inspector will also complete a Seller-Reinspection of seller negotiated repairs when applicable.