{"id":20154,"date":"2022-09-27T19:22:35","date_gmt":"2022-09-27T18:22:35","guid":{"rendered":"https:\/\/businessfinancenews.com\/?p=20154"},"modified":"2023-07-03T10:47:33","modified_gmt":"2023-07-03T09:47:33","slug":"who-pays-for-fha-inspection","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/fha\/who-pays-for-fha-inspection\/","title":{"rendered":"Who Pays For FHA Inspection"},"content":{"rendered":"\n
Regarding who pays for an FHA inspection, they are paid by the prospective buyer. <\/strong><\/p>\n\n\n\n If you are buying or selling a home where an FHA loan is involved, you will need to be prepared for having an FHA inspection on the home. This inspection is paid for by\u00a0the buyer\u00a0and is more in depth than a standard appraisa<\/strong><\/p>\n\n\n\n This inspection is paid for by\u00a0the buyer\u00a0and is harder to pass<\/a> than a conventional loan appraisal.<\/strong><\/p>\n\n\n\n There are many aspects that won\u00b4t pass an FHA inspection<\/a>, mostly for legal reasons, such as the violation of the peeling paint guidelines<\/a>. These situations will oblige an FHA re-inspection<\/a> after the necessary repairs are done.<\/p>\n\n\n\n Read our analysis and complete study of the FHA loan requirements<\/a>.<\/p>\n\n\n\n When visiting the \u201csubject property\u201d (which is the house being purchased), the FHA appraiser will review the overall condition and features of the home.<\/p>\n\n\n\n He will also look at comparable properties that have sold recently in the same area. This is what real estate agents referred to as \u201ccomps.\u201d The appraiser will use these comparable sales to determine the market value of the home that is being purchased with an FHA loan.<\/p>\n\n\n\n The appraiser will also evaluate the overall condition of the house to make sure it meets HUD guidelines and requirements. HUD is primarily concerned with the health and safety of the future occupant. <\/p>\n\n\n\n You will notice that an FHA inspection is more difficult and more expensive than a home inspection<\/p>\n\n\n\n Like all real estate appraisals, the aim of an FHA appraisal is to establish the safety of a home as well as its value. This is contrasted with\u00a0a home inspection which does not necessarily assign a value but does a deep dive into the condition of the home and potential issues<\/strong>.<\/p>\n\n\n\n When it comes to FHA inspections, there are various costs associated with it. The cost of the inspection is typically paid for by the buyer, but there are certain situations where the seller may cover the cost. Here are a few things to keep in mind when it comes to the cost of FHA inspections:<\/p>\n\n\n\n In summary, the cost of an FHA inspection is typically paid for by the buyer and can range from a few hundred to a thousand dollars. However, there may be situations where the seller agrees to pay for the inspection. Regardless of who pays for the inspection, it’s important to keep in mind that it’s a requirement for all FHA loans and must be completed before the loan can be approved.<\/p>\n\n\n\n When you apply for an FHA loan, you will need to have an FHA inspection of the property before the loan can be approved. The FHA inspection is designed to ensure that the property meets the minimum standards set by the Department of Housing and Urban Development (HUD). Here are some of the basic requirements for an FHA inspection<\/a>:<\/p>\n\n\n\n It is important to note that the FHA inspection is not a substitute for a home inspection. While the FHA inspection focuses on minimum standards, a home inspection is a more comprehensive evaluation of the property’s condition. It is recommended that you get a separate home inspection to ensure that the property is in good condition and to identify any potential issues that may need to be addressed.<\/p>\n\n\n\n When you’re buying a home with an FHA loan, the property must go through an FHA inspection to ensure that it meets minimum safety, security, and soundness standards. An FHA inspection is conducted by a licensed, HUD-approved property appraiser. Here’s what you need to know about the FHA inspection checklist<\/a>:<\/p>\n\n\n\n The FHA appraisal accomplishes two things: it establishes the market value of the property and determines if the home meets the General Acceptability Criteria established by the U.S. Department of Housing and Urban Development (HUD). The General Acceptability Criteria include:<\/p>\n\n\n\n In addition to the General Acceptability Criteria, the FHA appraiser will also check for minimum health and safety standards. The health and safety standards include:<\/p>\n\n\n\n When you’re buying a home with an FHA loan, the appraisal process is an essential step. The appraiser must determine the property’s value and check for minimum health and safety standards. Here are some red flags<\/a> that could indicate problems with the property that could impact the appraisal:<\/p>\n\n\n\n Who Pays For FHA Inspection? Regarding who pays for an FHA inspection, they are paid by the prospective buyer. If you are buying or selling a home where an FHA loan is involved, you will need to be prepared for having an FHA inspection on the home. This inspection is paid for by\u00a0the buyer\u00a0and is … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[8],"tags":[],"yoast_head":"\nFHA Inspection Vs Home Inspection<\/h2>\n\n\n\n
FHA Inspection Cost<\/h2>\n\n\n\n
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FHA Inspection Requirements<\/h2>\n\n\n\n
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FHA Inspection Checklist<\/h2>\n\n\n\n
General Acceptability Criteria<\/h3>\n\n\n\n
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Health and Safety Standards<\/h3>\n\n\n\n
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FHA Appraisal Red Flags<\/h2>\n\n\n\n
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