home inspection question

8 Replies

I am using an FHA loan to buy a duplex. I am going to house hack on my first purchase post (housing crash related) bankruptcy.

my question is whether or not the FHA appraisal is I substitute for doing hiring my own home inspector. My understanding is that the FHA appraisal is very thorough and in depth so I was wondering if I could save another $400 and just wait for the FHA appraisal report. does anyone have any advice or recommend a good home inspector in Orlando Florida area.

A home inspection and an appraisal are two very different things. The answer to your question is no. You want an appraisal and a home inspection.

Absolutely Not! FHA appraisal isn't to determine the quality of the property/potential issues. The appraisal is just a valuation. Very similar to comps.

A quality inspection should give you things to fix, things to be aware of, and things to not stress about. 

In my FHA paperwork I had to sign a document stating that I understood FHA made no guarantees to living condition.

Do not substitute a appraisal for a home home inspection. Even though they may claim to be thorough, the appraiser is not qualified nor knowledgable in the components of a house the way a home inspector is. Spend the extra money and buy yourself some peace.

Another reason to get the inspection is that the insurance companies in Florida seem to want a copy of the inspection (at least that's been my experience). I wouldn't want to try to get coverage after telling the insurance co that I didn't get the property inspected.

Thanks for the feedback from all four of you. Being that the responses were all in agreement I went ahead and scheduled an inspection. It's going to be performed this week. I appreciate the help. Can any of you tell me what you typically pay for the inspection.

@Tony Farese It may depend on your market.  I pay around $400 in Northern Virginia and I have an inspector that I prefer to use.  They are not all the same - so you may ask for a reference from someone in your area.

I hope that helps.

As others have stated, the appraisal and home inspection are very different. The appraisal will only note the property's general condition, not any of the specific problems. If you're pretty new to investing, I would definitely get an inspection too. 

Its been noted already the difference. Your realtor should have explained that to you. Make sure you're talking with him/her often and ask lots of questions.

Inspections are important but they are not a soup to nuts view of the property. Inspectors will only judge what he can see, nothing behind the walls or covered up. Most won't even move the floor registers. Inspections are also an opportunity to get out of the deal without losing your deposit. Savvy investors use them as a negotiating tactic. 

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