What is a home inspection?
Why you need a home inspection and what to expect
When you purchase a home it is highly recommended to get a home inspection on the property. A home inspection is defined by a limited, non-invasive examination of the condition of a home. Home inspections are performed by licensed inspectors of your state who have the training and knowledge to perform a residential home inspection. You want an experienced professional who is trustworthy performing your inspection. Ask you Realtor for recommendations, but do your homework. Check their online reviews, look at their company website and ask specific questions you have prior to hiring someone. An inspector will check the roof, heating system, water heater, air-conditioning system, structure, plumbing, electrical, and many other aspects of the building. They will look for safety issues as well as improper building practice and permit issues. A home inspection will only report issues that are visible at the time the inspection is performed. It will not predict future failures or the life expectancy of systems. A home inspection is non-invasive and will not uncover all hidden or unknown defects. This is when a home warranty will be beneficial for you. The Sales Team is providing a free basic home warranty with the successful closing of your home. Free Home Warranty
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Home inspection fees are paid upfront directly to the home inspector. The price will vary depending on the company you choose, the square footage and the age of the dwelling. You may have to pay additional fees for examinations such as pest, radon, mold and pool/ spa. A home inspection will average $275.00 to $500.00. They take anywhere between 1 1/2 hours to 4 hours and a detailed report will be emailed to you and your agent usually within 24 hours after the inspection is completed. Most home inspectors offer a summary page at the beginning of the report which will highlight any issues found. They will include photos and details regarding the issue with a clear description of the problem. Many inspectors are available to discuss in detail any issues found to assist you with decisions regarding the purchase of the property.
When you make an offer on a property there will be language in the residential purchase agreement pertaining to the home inspection. The home inspection must be performed during your due diligence period, which is typically a 7 to 14 day window after an executed contract has been received. Your agent must also deliver to the seller any request for repairs within your due diligence period. In the contract you can ask for the seller to pay a set dollar amount for repairs discovered by the home inspection. For example if you ask for $1000.00 in repairs and the home inspection discovers the AC unit needs replaced and it will cost $4000.00, what can you do? Per the contract the seller is only liable to contribute $1000.00 toward the repair. Your agent should send a buyer’s response to home inspection to the listing agent with the details of the requested repair with a copy of the inspection report. Ask for the repair to be made regardless of the price. Many sellers will agree to negotiate to keep the deal alive. If the seller refuses to compromise and is only offering the $1000.00 you have the option of cancelling the contract without penalty or paying for the remaining amount of the repair yourself.
If the inspector finds a laundry list of minor issues you can ask the seller to repair the items prior to the close of escrow or provide you with a credit of the estimated repairs. The credit will be applied by escrow and will not come to you in the form of a check. Keep this in mind if you are short on cash to make the repairs after the close of escrow.
The Sales Team is highly experienced in assisting their clients make sound decisions regarding their home inspection. You need a professional real estate agent to look out for your best interest during this time and explain in great detail every step of this process. If you have any questions about home inspections or if you are ready to start looking for a new home give us a call at 702-845-5348. We look forward to assisting you.
The Sales Team