What is a home inspection?
A home inspection is a monumental part of the home buying and selling process. It has different importance to the buyer
and to the seller. If you are a buyer I highly suggest your how the structural home inspection. A home inspection identifies health and safety concerns major deficiencies in the home that canbe costly to repair, and the good inspectors provide maintenance education for you as a home buyer so you can maintain your investment. This is the time to find out everything about the home.
I tell my buyers to bring their tape measure and this is a time to plan and take measurements and figure out where your furniture is going to go. In order to be eligible to have a home inspection you must have an inspection contingency in your offer. An inspection contingency gives you the right to have an inspection of the structural mechanical and general condition of improvement to the property, compliance with building and zoning codes inspection for hazardous materials pest inspections and soil and stability inspections.
An inspection contingency contract has a default of a 10 day timeline but oftentimes this timeline is shortened. Prior to the end of this timeline you have to give a written inspection response to the seller. It is very important to know this deadline date! A home inspection pricing varies depending on your square footage. Each inspection company has different pricing but you can expect to pay between $400 and $800. Items that are typically checked include: the roof, the attic, the Crawl space, Heating system, plumbing systems, siding and exterior, foundation, basement, windows, skylights,
visible insulation, and appliances that stay and more! Typically it is very thorough. There are some items that cannot be checked and you will find that in your inspection contract. The inspectors cannot see in the walls or behind the walls or underneath some furniture. It is a small cost pay that could potentially save you thousands of dollars if something is found incorrect.
There are some additional items you can have inspected as well depending on the property you are purchasing. Some inspectors offer all of these tests, usually for an additional cost, and some only do a structural inspection. You may need to find additional inspectors who specialize in these areas.
Per the inspection contingency, the inspection must be performed by a buyer or a licensed home inspector. All inspections are to be ordered by the buyer, performed by an inspector of the buyers choice, and at the buyers expense. An inspection typically takes two to three hours. The home inspector or inspectors, the buyer and the buyer's agent are the standard attendees of an inspection. The seller and listing agent should not be present Sometimes the buyer will have a family member attend. The buyers are super excited at this point and want to show the home off already! This is the easiest access time for the home. The purchaser of the inspection will receive a written inspection report either the same day or typically within 24 hours of the inspection. It is usually delivered via email to the purchaser and their real estate agent. The seller does not get a copy of this report. In fact it is prohibited to provide the seller the report unless you have it documented in writing that they asked for a copy.
Once you know the findings and before the deadline of your inspection contingency, your agent will need to create an inspection response for you to the seller and the sellers agent. You will want to discuss the important items and the pros and cons together. There are four ways to respond:
1) you approve the inspection results and satisfy the inspection contingency and move forward to closing.
2) you approve the inspection contingency and terminate the purchase and sale agreement.
3) you give notice of additional inspections. This would be used if your inspector suggests you have further investigation of an issue or possible issue. For example you need to have an electrician look at some electrical. This would give you some additional time to evaluate it.
4)you can request some repairs or modifications to the property. If you are asking for repairs be sure to discuss the pros and cons of this with your agent. Your agent will need to be able to negotiate this on your behalf. If repairs are asked for, the seller then has a chance to respond back.
If the buyer submits an inspection response asking for repairs or modifications the seller then has a chance to respond. A seller can respond in three ways: they can say yes to our request and move forward to closing. They can say no to all requests. They can offer to do some requests but not all or they can reject all proposals and propose another alternative. This could be in repair form or monetary. One thing I want to be sure to make clear- seller cannot back out of the contract due to the inspection response.
If the sellers responses anything other than yes, a buyer then has another response time. The buyer can accept the sellers proposal and move to closing. They can reject the proposal and they can rescind the purchase and sale agreement or they can offer another alternative as long as a disagree to within the response timeline.
Now if you're the seller a home inspection has a much different meaning to you. The home inspection timeline is very important. The shorter the better for the seller. During the time line for the home inspection the buyer can rescind for any reason. So until the inspection contingency is satisfied the sale is not super strong. Once the buyer does their inspection they have a right to renegotiate during that time. They can request repairs they can negotiate on price or contribution to closing costs. So your proceeds are not firm until the inspection contingency is satisfied.
Another way an inspection is used for a seller is a pre inspection some agents will suggest to their sellers to have a pre- inspection done on their home prior to listing it on the market. This has some advantages and some disadvantages You will want to review them with your agent. So as you can see the inspection contingency and time line can get a little bit complicated! It is super important to have a knowledgeable experienced real estate agent negotiating on your behalf.
if you have any questions regarding whatis a home inspection or what to expect from a home inspection please send me a message Please like and subscribe and share with your friends!
Request a free list of 10 questions to ask a home inspector here: https://karenjacksonre.wixsite.com/inspection