This inspection is a bit different than other types of inspections. This inspection pertains to new properties and it still is to make the bank happy and protect you. It’s a bit of a different process and must be done after a new home is completed so that the mortgage can be finalized and you get your keys at closing.
Inspections for home buyers are nothing new, but this one is a bit different in how it is handled and when it’s done. Many types of home inspections for buyers exist, but the warranty inspection is an animal all its own. We’ll explain it all for you so that you completely understand how the process works for inspections for home buyers Fort Worth.
If you buy a car, you get a warranty for a certain period of time. If you have a home built, you should also have a warranty. The Warranty Inspection works just like a home buyers inspection or Texas homeowners insurance inspection.
Once your home has been completed, the bank is notified and you are notified that an inspection will be taking place. The inspector’s job is a bit different because wear and tear isn’t an issue. The roof is new, the walls are new, the plumbing is new. That said, they could be poorly done or have faulty materials. The warranty inspection is the process of quality control.
The inspection is done by an impartial third-party, unaffiliated with the builder. His job is to ensure that everything is done according to local code ordinances, with quality materials, and correctly. He will check the framing, the roofing, the HVAC installation, the plumbing, and the overall craftsmanship.
After the inspection is done, you are generally also able to do a walk-through prior to signing your loan docs at closing. This is your opportunity to catch things like, ‘that’s not the carpet we chose’ and have it corrected. That isn’t a structural issue or functional matter, however. Those are what the warranty inspection is meant to catch.The warranty inspectors
may or may not be the same company that does home inspection buyer Texas work. There is no sellers inspection done on a new build, the warranty inspection takes precedent also over a homeowners inspection Fort Worth
In the event that a new build is a multi-unit property, then the warrant inspection is simply another type of multi-unit housing inspection. It is a process just like a homeowners inspection and sellers inspection Fort Worth
. To avoid confusion, just remember that it’s for a brand new build, always. In the case of a multi-unit brand new build, you will get a warranty inspection instead of a traditional multi-unit inspection, and then sign your loan docs at a closing.
Once your inspection is done, it tells the bank that everything is done correctly and the home is ready. This triggers a home warranty that will vary from builder to builder but most new home warranties cover the exterior siding and stucco, doors, trim, and drywall and paint for a year. THe HVAC system, plumbing and electrical wiring and systems will typically be covered for 2 years.
If anything happens with any of these mentioned items happens during your warranty period, the builder has to come back and fix it, replace it, or have it repaired. This is an enormous load off of your shoulders if you are a new home owner. It’s a big thing to sign your name to a loan that will take 30 years to pay for.
A home is generally your biggest investment and few people ever have a savings worth more than the equity in their home as they pay it off. This means that any security you can have in regard to your home is welcome.
Banks need to underwrite their loan processes. They regularly audit their processes and they must work under very strict compliance regulations. Loan origination is big business but it is heavily regulated.
This ensures, between you, the builder, and your bank, everyone is protected and happy. When the builder passes inspection, the bank releases the rest of the loan money to them for payment, your loan is finalized and you close on your home.
You get the keys and begin moving into your home that still has that brand new construction smell. It should be exactly as you planned, right down the paint on the walls. You pay your payments, the bank collects their interest and everyone is happy, thanks to a warranty inspection