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Are home inspections waived bc of covid?

by bcevc804 from Locust Fork, Alabama. Sep 29th 2020 Reply


Jack Shields (jackshields1)
#6 ranked lender in Alabama - 21 contributions

Not sure if you are asking about Home Inspections, or Appraisals? Home inspections are the buyers choice and are optional and would not have impact on the lender. The Appraisal is required even during Covid.

Sep 29th 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

There are typically three types of inspections. A whole house inspection, a termite inspection, and an appraisal inspection. As a general statement, all inspections are proceeding as would normally be expected. Depending on the geographic area, I generally recommend the buyer get a termite inspection, even if the lender does not require one. You should want to know if the home you are buying is currently infested with termites. I Always recommend a whole home inspection, for the same reason, A properly trained and licensed home inspector will likely discover a whole host of issue with the home you are buying. Every home has something wrong with it. Some will seem silly, but others could be serious. KNOWING what is wrong is important. And finally, the Appraisal inspection. To your question, IF going VA, a Termite inspection MUST be performed. You could waive the home inspection if you wanted, but then you are buying all the flaws, sight unseen. If you are using conventional financing, many, if not most homes are coming up with approvals for a loan with am PIW. That is a Property Inspection Waiver, meaning No appraisal, or appraisal inspection is required. But no, There is no blanket waiver just because of COVID. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

Sep 29th 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 contributions

I assume you mean appraisal. Appraisals are not automatically waived IN MOST CASES. If you are refinancing, depending on many factors, there is a good chance an appraisal may not be required. If you are purchasing with at least 20% down, excellent credit, etc., there is a very slim chance of not needing an appraisal. next, if an appraisal is required, different loan types have different guidelines for COVID if someone will not let the appraiser in the home. You might get an appraisal, but one that might not require an interior review. The possibility of not needing an interior review is a recent COVID options, that will likely go away soon. I lend in Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota. I can be reached at JoeMetzler.com - NMLS274132

Oct 1st 2020
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