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Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
Module 4
Steps for Buying a Home
Shopping for a Home
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Other Types of Inspections

Environmental and Structural InspectionsIn addition to a home inspection, you may also wish to request the following types of inspections:
  • Environmental Inspection — homebuyers with small children are usually the most concerned about environmental hazards such as asbestos, radon and lead-based paint. Other areas of concern are mold and EMFs (electro-magnetic fields). If a hazard is determined, the seller can agree, or not agree, to remedy the problem. If the problem cannot be resolved to your satisfaction, you can withdraw the contract.

  • Structural Inspection — if the home inspector notices indications of structural damage he will usually recommend you have a further inspection by a structural engineer. In some parts of the country hazardous soil conditions exist which can lead to future structural problems.

  • Certificate of Occupancy — in a newly built property the local jurisdiction will issue a Certificate of Occupancy certifying that all building codes have been met and properly inspected. Never agree to settle on a new home until you receive this certificate at closing.

Counteroffers

The Negotiation ProcessIt is entirely possible that the seller may not accept your initial offer. Rather than reject it, however, he or she may come back with a counteroffer. At this point, your original offer is void, and the seller’s counteroffer becomes the offer. You will now have a chance to accept, reject or counter the terms being offered by the seller. This process often goes back and forth many times before an agreement is reached between you and the seller. The negotiation is carried back and forth by the agents involved. When all parties have agreed to all of the terms, the contract is considered final (or ratified), even though there may be several days or weeks before all contingencies are removed or the contract cancelled because a contingency could not be satisfied.

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  Countrywide Home Loans, a division of Countrywide Bank, FSB is an Equal Housing Lender. © 2007 - 2008 Countrywide Financial Corp. Trade/service marks are the property of Countrywide Financial Corp., and/or its subsidiaries. All rights reserved. The content of this website is provided for the convenience of our readers and is for informational purposes only. Readers are encouraged to use the content of this website to supplement their knowledge and to also seek out other reliable sources of information prior to engaging in the home financing and home buying processes. The information featured herein is intended to be accurate and we will make efforts to keep this website updated. However, due to the rapid changes occurring in the programs, products, services offered within the home financing industry, we do not guarantee the accuracy of the information presented. Countrywide is not responsible for the contents of, or products or services offered on, third party Web sites and provides links to such sites solely for your convenience. This is not a commitment to lend. All rights reserved.