home inspection fee

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lender mentioned a home inspection fees and that it is part of the closing costs I have to pay, is it necessary

blue · Posted: Thu Mar 01, 2007 1:15 pm Post subject:

Hi Woolley,

Welcome to Mortgagefit discussion board.

Lenders normally require the homeowner to have a termite inspection. In addition he may also require analysis of structural condition of the house by an engineer. The inspection fee can cost you from $175 to $350.

It is a safeguard for you while buying your home that there are no critical problems in the house and a surety for the lender that there is no risk in lending against this house.

Do let me know if you have any other questions.

Thanks
Blue

SHARLEE2004 · Posted: Thu Mar 01, 2007 1:41 pm Post subject: Home Inspection fee

Depending on the type of loan you are applying for you may need a home inspection. FHA is one that requires this. Usually only a termite inspection is required. You as a new homeowner may want the inspection to get a report on the home's possible flaws. Once the report is received, you could then negotiate with the seller on anything that needs major repair. Possibly it will be fixed before purchase by the seller. Possibly the purchase price could adjust down to cover the expense of repair.

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thanks sharlee2004 and blue for the help

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