Buying a home? The process can be stressful. A home inspection is supposed to give you peace of mind, but at times has the opposite effect. You will be asked to absorb a lot of information in a short time. An inspection generally includes a Computer generated report, photographs, drawings, and what the inspector himself says during the inspection. All this, combined with the seller's disclosure, realtor’s comments and what you notice yourself, makes the experience sometimes overwhelming for the average buyer. What should you do?
Relax, in most cases your inspection will be maintenance recommendations, life expectancies for various systems and components, and minor imperfections. These are useful to know about. However, the issues that really matter will fall into three categories:
1. Major defects. An example of this would be a structural failure;
2. Things that can lead to major defects, such as a roof-flashing leak, for example;
3. Safety hazards, such as an exposed, live electrical wiring.
Anything in these categories should be addressed, immediately with all parties representing you.
Most sellers are honest and are often surprised to learn of defects uncovered during an inspection. Realize that sellers are under no obligation to repair everything mentioned in the report. No home is perfect. Keep things in perspective and discuss solutions with you realtor, your attorney and home inspector.
So with that said, what am I going to do? I am going to visually observe the following major systems and components: Exterior, Interior, Structural, Roof, Electrical, Heating, Air Conditioning, Plumbing, Fireplaces, Insulation and Ventilation. With respect to recurring, multiple items such as outlets, windows, and doors, I will inspect a representative number that are accessible.
Radon Testing:
Radon is the leading cause of lung cancer among non-smokers.
As many as 1,160 Illinois citizens are estimated to develop radon related lung cancer annually.
According to the IEMA Radon Status Report of 2006, 46% of the homes tested in Illinois tested ≥ 4.0 pCi/L
Any reading ≥ 4.0 pCi/L should be remediated.
HUD/FHA 203K consultant:
If you are going FHA then you’re probably using the 203(b). Have you heard about the 203(k)?
203(k) - How It Is Different: The Section 203(k) program is the Department’s primary program for the rehabilitation and repair of properties. The program allows the borrower to get just one mortgage loan, at a long-term fixed or adjustable rate, to finance or refinance both the acquisition and the rehabilitation.