And you need an enforceable maintenance arrangement with the neighbors who share them Wells and septic tanks - If those are shared, you must have a right of access to them.In addition, conventional loan lenders may have rules regarding features like: Special circumstancesĪlthough an inspection isn’t required, lenders may have unwritten requirements about the condition of the home.įor instance, few lenders will let you purchase a home that’s clearly unsafe - unless you have thorough plans to repair the home and financing in place to do so. But they should, and we explain why below. With a conventional loan, lenders typically won’t require a home inspection it’s up to the buyer whether or not to get one. Keep in mind, a home appraiser will not inspect the home’s condition in detail looking for structural issues or defects in its systems. The home appraiser will look at the property’s general condition and compare it to similar, recently sold homes in the neighborhood to arrive at its current market value. In addition, a home appraisal is typically required to verify the property’s value.
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