NEW YORK (CNN/Money) - The threat of rising interest rates sent the housing market into a frenzy this spring. Bidding wars erupted in some markets and it wasn't uncommon for some shoppers to waive the usual inspection.

Our opinion? Big mistake. An inspection can prevent you from paying top dollar for a real lemon. Problem is, some inspectors know as little or less than you do about a home's mechanics. What's more, others build their business by promising quick inspections.

That's good for your real estate agent, but not good for you. What should you know before you get your home inspected? Here are today's five tips.

If your realtor promises to hook you up with an inspector who will look over your prospective castle in record time, watch out. Some inspectors owe their loyalty to the realtors who hire them.

To find a knowledgeable inspector in your area, check out the American Society of Home Inspectors Web site at www.ashi.org. You can find one by simply typing in your zip code.

Members of ASHI have 250 hours of paid inspections under their belts. Prior experience matters since there's little in the way of training programs for inspectors and few states require inspectors to be licensed. In fact, some states regulate manicurists more than inspectors.

Never waive your right to inspect a property before you buy or you may regret it. Gerri Willis gives 5 tips on choosing the right home inspector. Play video (Real or Windows Media)

What are the potential downsides of not hiring an inspector? One homeowner we spoke with says that without the expert advice she surely would have snapped up a recently renovated brick home in one of Phoenix's historic neighborhoods. Had she bought, she would have wound up owning a home with multiple problems including a damaged roof and air conditioning ducts that passed through the fireplace flue, creating a fire hazard. Worse yet, the home's six-foot grounding rod was driven through the sewer line, which meant the toilets would have backed up underneath her house.

As for when you should contact a home inspector? Immediately after the contract or purchase agreement has been signed. The ASHI also says make your obligation to buy the house contingent upon the findings of the home inspector.

Ask how many years they've been working as inspectors, and what their backgrounds were before they started inspecting homes.

You'll expect your inspector to investigate the major systems in your dream house -- plumbing, electrical, heating/cooling, the roof, etc. If you can't get a look at one of these major systems, such as the roof, ask your inspector to take some Polaroids so you can at least eyeball the area, too.

Ask for references. You're paying $300 on average for this inspection, you might as well get your money's worth. Keep in mind inspection fees for a typical single family home vary by where you live, the size and features of the property as well as the age of the home.

Shop around. ASHI also says homebuyers should not let the cost of an inspector deter them from having an inspection. Knowledge gained from an inspection is well worth the time and the expense. This is your home after all. And be aware that the lowest-priced inspector is not necessarily the best one. If it sounds too good to be true, it usually is.

If your inspector offers to set you up with a contractor to fix a problem -- watch out! Offering services is a no-no -- your inspector is supposed to be an objective third party, not a promoter for local contractors.

Don't forget, too, to attend the inspection yourself and ask questions along the way. A good review of a house takes two to three hours. It's important to stay engaged throughout the process because inspectors are required to look only for major defects -- electricity that is not grounded, air conditioning or heating systems that are operating in an unsafe manner. If you want them to go further, you'll have to prod them yourself.

An inspection is also a great time to get a firm grasp on your new abode's systems. Where is the major water shutoff valve? Is your flat-panel TV and high-end sound system going to overtax your home's electric circuitry?

$300 will just cover the basics. In addition to the usual checks, you'll want a radon inspection, air quality, and possibly mold, if there have been problems in the area.

If there's a septic tank, you'll need to have that separately inspected. A pest inspection, too, is a good idea. Each of these will cost you extra.

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If you think a new home means that everything is perfect, think again. One homeowner found the flue going from his chimney to his furnace was coming apart at the seams -- if it hadn't been fixed, it would have vented carbon monoxide throughout the house.

If you're buying a new home, bring in the inspector before the finishing touches are put in, that way you can have the foundations, framing and drainage checked as the house is being built.

Gerri Willis is a personal finance editor for CNN Business News. Willis also is co-host of CNNfn's The FlipSide, weekdays from 11 a.m. to 12:30 p.m. (ET). E-mail comments to 5tips@cnnfn.com.