Nearly all real estate transactions allow for a buyer to have a inspection period to have the home checked out. This "inspection contingency period" is typically between 7 and 17 days after an agreement is reached. During the inspection period, the buyer, at their own expense has the right to hire a home inspector and sometimes also pay for additional reports such as a pest report, roof inspection, pool inspection, engineering report, etc.
Because a home purchase most likely is the largest investment you'll ever make, it's essential that you have a thorough understanding of the property's condition. A comprehensive professional home inspection will provide you with a detailed and much better understanding of the property you intend to buy.
The standard home inspection is an objective visual examination of a home's physical structure and systems from top to bottom including: the heating and air conditioning systems, plumbing and electrical systems, roof, walls, ceilings, floors, windows, doors, foundation, basement and attic, and other visible structures.
A house can't fail a home inspection, the inspector simply evaluates the home's physical condition and reports on what may need to be repaired or replaced. No home is perfect. If any major issues arise, it's common to negotiate a remedy or if one can't be negotiated the buyer has the right to back out of the purchase during the inspection contingency. It's also likely that the home inspection will give you a piece of mind by pointing out a property's positive attributes.
It's a good idea to accompany the inspector. Tagging along will give you an opportunity to engage the inspector in a conversation about his findings, to ask questions about the home's systems and maintenance, and to learn other useful details about the house like the location of gas and water shut-off valves and other utility connections. Having first- hand knowledge of the inspection will also help you better understand the written inspection report.
In addition to the basic home inspection, you may want to consider a pest inspection to check for termite or dry-rot damage.
One extra thing for current buyers to understand. Most bank owned sales are "As-is". The banks allow you to have the home inspected but it's simply for your knowledge to know what you are buying. If you are happy with the condition of the house then you proceed with the sale. If there is a major issue then you have decide if you still want to purchase the home or back out of the sale (every once in a while a solution can be negotiated but for the most part, bank owned sales are as is.) Also, short sales. Even though they are not "as-is" sales like an REO, negotiating repairs or credits can be difficult. In a short sale, the seller has no money for the sale and is asking the lender to take a loss. If something comes up during the inspection it is rare for the seller to be able to pay for any repairs and is also difficult to get the lender to take even less than what they already approved.
Many times a buyer comes to me nervous that they do not know a home inspector. Just as i have wonderful loan officers to refer to buyer clients, i have excellent Home Inspectors as well. Let me know if you need contact info for a great home inspector.
clear skies,
doug reynolds
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