Chapter 8: Inspection and Appraisal, Your Safety Net
A Scene from Real Life
A buyer waived inspection to strengthen the offer. Three months later: roof $14,000 + septic $25,000. The “cheap” house cost $39,000 extra. A $400 inspection would have found it all.
The General Inspection
2-4 hour visual check. Find an inspector: ASHI.org. Costs $300-500. Attend in person and ask: “Is this normal? What does it cost? Is it urgent?”
After Inspection: 4 Options
- Ask for repair (licensed contractor invoices).
- Ask for price reduction (best for big issues).
- Ask for closing credit.
- Walk away — one lost house beats one bad purchase.
The Appraisal
Bank’s verdict on value ($300-600, you pay). If below your offer: negotiate down, pay the gap cash, or walk away under the contingency.
Action Steps
- Book the inspector within 48h of acceptance.
- Classify findings: safety / major / routine.
- Negotiate in writing with a deadline.
- Never waive the appraisal contingency.
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