When you’re looking to buy any piece of real estate, especially a home or residential investment property, you always want to make sure you have a proper inspection. Now inspections are done by many different parties in the transaction. The bank may have their own inspector, the realtor will have theirs, and even an insurance company might have an inspection or appraisal done on the property. So when the negotiations begin, you will be presented with all the information about your potential purchase including an inspection of the property and a current appraisal.
Most home buyers and investors will assume that this is a legitimate form and that an unbiased appraisal has been done. But many times that is not always the case. Bankers and realtors have a vested interest in making the property look more expensive than actually is. That is not to say that they are deceiving you in anyway, it’s just that if there are certain defects that they deemed important to hide, they may influence their appraiser to overlook the issue, or possibly even to downplay it. Many inspectors get volume business from banks and realty companies. One bank alone may bring them 50 to 100 inspections per year . So it is in their best interest to keep the banks happy. They may be honest people, but would be tempted to look away in fear of losing a chunk of their income.
You should always have Attics and crawlspaces inspected for potential mold and leaks. Especially around ventilation areas. These are locations that homeowners would never run across as they enjoy their home. In the northeast, during routine West Chester air conditioning repair jobs, leaves had come in through the roof and were molding. So unsuspected areas of wetness could cause mold and deterioration over the years. So what is the answer? Inform the bank and the realtor that you will be hiring your own inspector to do a thorough investigation of the property. Let them know that you respect the report given, but you would like to conduct your own. If they are honest in the dealings, they should have no problem with that request.