Inspection Report

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An inspection report is a necessary part of the home-buying process: a lender will not lend you money for a mortgage to buy a house that's about to collapse. Lenders usually require that you get an inspection of the property done by a property inspector, who will visit the property either with you or maybe with your real estate broker to inspect the general condition of the structure, including some of the equipment. This report is also for your benefit, because if the inspector says the place is in terrible shape you probably wouldn't want to buy it. If everything is not in reasonable order, as a potential buyer you will have to decide how critical the problems are, and whether to delay the buying process until the seller has fixed what is wrong. Your real estate broker will be able to put you in touch with an inspector. The buyer usually pays for the inspection. An inspection is different from an appraisal.