Chris2048 9 hours ago

In my country, an inspection is required for the mortgage lender, is this not also the case for the US?

sokoloff 8 hours ago | parent | next [-]

An appraisal is required, to ensure the property is worth enough that the lender will be OK in the event of a foreclosure.

I've never had an inspection requirement as part of purchase initial financing nor as part of a refinancing.

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Chris2048 7 hours ago | parent [-]

I had a survey, and a valuation. The survey looked for signs of problems, though they didn't tear up and walls, but I guess shoddy work outside is a sign there may be problems inside?

	▲	sokoloff 6 hours ago \| parent [-]
		I asked the appraiser what he was looking for on one of my refinances. "I pretty much just verify the house is real, measure the foundation [for square footage], count the floors, bedrooms, and bathrooms, then find some local comps to justify the appraisal." I don't think any of the appraisers were inside for even 10 minutes.

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mothballed 9 hours ago | parent | prev | next [-]

Very recently a record portion of houses were bought with cash, and you couldn't even get a house if you wanted an inspection because you'd be outpaced by those who weren't going to do one.

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me-vs-cat 9 hours ago | parent | prev [-]

I believe it depends on the lender, though it's going to be effectively required by all.