Home Inspections: What Buyers Should Know

Home Inspections:

What Buyers Should Know

Why A Home Inspection:

A home inspection gives the buyers detailed information about the overall condition of the home prior to purchase. There is a lot more to know about a home than it's location. It's all about structure! Home inspections are intended to point out adverse conditions, not cosmetic flaws. A home consists of many complex components. Buying a home is a very large purchase, so for a buyers protection it is best to get a home inspection, it will save you many sleepless nights. 

Buyers Are Responsible For Inspections:

Yes, the buyers are responsible for hiring an inspector and paying for the inspections. Buyers have the right to carefully examine their potential home with a qualified home inspector. Buyers can find qualified home inspectors by asking for references from their realtor, family, friends or through local organizations and licensing authorities that qualify and test home inspectors.

Choosing A Home Inspector: 

A buyers home inspector must be a certified professional, not a contractor. Members of the National Association of Home Inspectors, Inc. must complete a home inspector training program, demonstrate competence as a home inspector, complete a written exam and adhere to the NAHI Standards of Practice and Code of Ethics. A home inspector must be able to evaluate the physical condition, structure, construction and mechanical systems of your potential home. They should be able to identify items that need to be repaired or replaced and estimate the remaining useful life of the major systems, equipment, finishes and much more. Once the inspection is complete the inspector should provide the buyers with a complete report of the home inspection stamped with their licensed seal.

What Do Home Inspections Cover ?: 

Every property is different, what is checked during a home inspection might vary slightly.

The suggested areas that are inspected:

Plumbing
Foundations and Basement
Any Additional Structural Components
Electrical
Roofing
Fireplaces
Heating and Cooling Systems
Condition of Windows
Condition of Doors and Door Frames
Exterior
Interior
Ventilation/ Insulation

Attend The Home Inspection: 

Buyers should be present for the home inspection! The inspector sees it as a great opportunity to thoroughly answer any questions that the buyers may have about the property.  Also, do not ask your inspector to perform any handy work, they are not responsible for making repairs only identifying them. 

Home Inspection Report:

Once the inspection has been completed have the inspector to summarize the findings and obtain a verbal report. After the inspector property visit, they are required to provide you with an official home inspection report, The report details their findings in writing along with pictures with any damaged areas as well. Do not hesitate to ask questions if there is a portion of the report that is unclear or if there is there something listed that you don't understand.

Negotiating Repairs:

Let's be clear, no home is perfect! The home inspection report will likely reveal at least one issue, whether the house is newer or older.  The buyers can ask the seller to repair all or most of the issues. If the seller can not financially cover the cost of the repairs, the buyers can ask for a price reduction or for a credit at closing for repairs. But, if the buyers and sellers have not come to a satisfying conclusion regarding the repairs and the report features something catastrophic, the buyers will likely be able to walk away from the transaction. The buyers can walk away as long as they have responded to the sellers within the inspection timeframe and have a legitimate reason, but the sellers will keep your earnest money as collateral. So, please take the time to make sure you are comfortable with your decisions before signing any binding documents.

Paperwork For Completed Repairs: 

After both sides make it through negotiations, hire professionals to do the repairs and be sure to collect paperwork (repair estimates and invoices). Mortgage and title companies will ask for the documents at closing.