Buying a Home: Inspections

If an inspection unearths problems, you can negotiate with the seller to lower the home’s price or arrange for repairs before closing.

• TRUE

• FALSE

A home inspection usually takes place right before the seller accepts an offer from the buyer.

• TRUE

• FALSE

An _______ is a professional estimate of how much your property is worth. Mortgage lenders use appraisals to make sure the home is worth their lending amount.

• Evaluation
• Estimation
• Appraisal
• Assessment

It’s important to note that the ____ _____ is typically responsible for paying for the inspection.

• real estate agent
• home buyer
• home seller
• home inspector

The average cost of a home inspection can range from _________ but varies depending on different factors such as the location, age and size of the home.

• $350 to $450

• $1,000 to $5,000
• $100 to $500
• $10,000 to $50,000

A ____ ______ ____is a clause added to a real estate contract stating that the purchase is contingent on the results of the home inspection.

• Inspection clause
• Home inspection contingency
• Inspection contingency
• Real estate contingency

If you decide to add a home inspection contingency, you will have a specific time frame to schedule and conduct the inspection, as well as any potential problems.

• TRUE

• FALSE

If there are any deal-breaking issues on the inspection report, the home inspection contingency empowers buyers to pull out of the sale and get back their ______.

• closing costs
• deposit

• earnest money

• mortgage approval

You’ll want to be sure the person is bonded, insured and that the company only does ________ rather than repairs and renovations.

• electrical
• inspections

• painting
• plumbing

This is also the right time to discuss what additional inspections you may need, such as a ___________, and ask if they can do all of them.

• roof inspection
• pest inspection
• home inspection
• foundation inspection