Research has shown that house sale inspection can save buyers an average of $14,000. If a problem is discovered after the sale, it could force the seller to lower the price or make repairs or even back out of the deal altogether.
Home inspections typically take place after an offer is accepted and the property goes into escrow. It is always a good idea to attend the home inspection to learn more about the property.
What is a home inspection?
Home inspections are an important part of the home buying process. They allow potential buyers to see the condition of a house, from its foundation to its roof, and determine whether it needs any major repairs or maintenance. If problems are discovered, they can ask the seller to make repairs or negotiate a lower price for the house. In some cases, if the problems are severe, a buyer may decide to cancel the sale.
It is recommended that buyers attend their home inspections, as this allows them to see the problems firsthand and ask questions. In addition, it gives the inspector an opportunity to hear comments that might not appear on the final report and answer spur-of-the-moment questions.
It is also important to understand that a home inspection will not reveal any issues without exception, as problems are inevitably going to crop up in any property. However, by being prepared for this and understanding that most problems aren’t deal breakers, buyers can shorten the list of defects they discover and have a smoother closing.
How is a home inspection done?
Home inspections examine the condition of homes. They are distinct from appraisals, which are used by lenders to assess the risk involved in lending money for a mortgage.
A home inspector will examine a number of components including the home’s plumbing (pipes, drains and water heater), electrical wiring and panels (to check for safety issues like faulty outlets or frayed wires) and the roof (to look for signs of leaks or damaged shingles). A house can be a complicated structure, and an inspector will make sure to cover all bases when reviewing it.
When a home inspection is complete, the inspector will provide a written report to the client. It is advisable for buyers to attend the home inspection so they can learn more about the property and ask questions in real time, which will make the subsequent written report easier to understand. When evaluating the inspection report, don’t get hung up on the number of issues found; focus instead on the severity of the problems.
What should I expect from a home inspection?
It’s important to remember that inspectors are people, and they often associate clean, well-maintained homes with homeowners who care for their property. So if you’re thinking about listing your home, you should take the opportunity to do things like re-caulk around sinks and fix any small problems—such as a loose shingle or a broken window pane—before an inspection. This will help you shorten the list of defects uncovered by your inspector and make for a smoother sale.
In addition to examining the home’s overall condition, the inspector will likely test appliances that will be included in the sale (for example, the dishwasher and laundry machine). They will also look at the roof, exterior, attic, basement, garage, and foundation.
If you find major issues with your home, the buyer may request a price adjustment or credit, ask that professionals be hired to make repairs, or even back out of the sale altogether. However, it’s estimated that a home inspection can save buyers an average of $14,000. By taking the time to prepare for a home inspection, you can lessen the likelihood of costly surprises.
What should I do if I find a problem with the home?
Generally, most home inspectors will notify the buyers of any major issues found in the house. These can include building code violations, safety concerns, and structural defects. Some mortgage lenders may refuse to approve a loan for the home if significant problems are discovered.
If the problems are too severe, a buyer can usually back out of the sale within a certain time period without penalty. This will allow them to find another home that suits their needs.
If the problem is minor, it can often be easily fixed before the inspection. For example, a crack in the foundation or a broken window could be easy to repair. Preemptive repairs will also make the home look well-maintained, which can draw in potential buyers and increase the sales price of the property. It is also important for sellers to be honest with buyers and disclose any known issues with the house to avoid any misunderstandings or disputes.