THE HOME INSPECTION PROCESS

There are many steps to buying a home like your pre-approval for financing, your home search and showings, making offers on homes, getting your offer accepted - the list goes on!

The home inspection on your accepted offer is a very important step in the process. In the recent "Seller's Market" that we have been experiencing here in northeastern Massachusetts, many buyers are waiving their home inspection contingency.  That strategy might get you the home but what about problems that may arise after your purchase?  That's when you'll wish you had your home inspected by a qualified, licensed home inspector before you moved forward with the purchase.

I never recommend making an offer without a home inspection contingency.  However, I have had buyers decide to waive inspection in order to get their offer accepted.  Usually, they are buying a relatively "young" home or they brought along their "contractor cousin" to an open house or the showing appointment to give them the nod to move forward.

But let's say that your offer was accepted with a home inspection contingency.  What should you expect?  Usually, there is a time period to perform the home inspection - typically 7-10 days from the date of accepted offer. This allows the buyer time to make the inspection appointment with a qualified inspector, get the results, and make an informed decision about how to proceed. Most importantly, the buyer should be present at the home inspection and tag along with the inspector to glean as much information as possible about the home.

Home inspectors typically point out maintenance issues, assess structural conditions, seek out pest/termite problems, assess major home systems like plumbing, heating, electrical, roof and foundation.  Remember, no home is perfect and every home has some issues - no matter how young or old. So buyers should always expect SOME negative news from their inspections.  Hopefully, the news is not terrible and the fixes are easily managed.  Otherwise, the buyer can walk away from the deal and get their initial deposit fully refunded - provided the seller is notified by the end of the home inspection contingency period.

Often times, fixes are negotiated and this is where my Realtor experience lends a hand.  It's better to try and keep a deal together if both parties are well intentioned and the inspection issues can be easily resolved.  Should we request that the seller fix the obvious needed repairs prior to the closing date? Or perhaps we could request a lump sum of money (closing credit) at closing in order to cover those repairs. Of course, there will be the occasional time when the inspection reveals levels of damage to a home that may necessitate a buyer to walk away. 

I have a great network of home inspectors that I can refer you to when that day arrives that your offer is accepted and you head to home inspection on your way to purchasing your home.  Please reach out for assistance!

 

 

Contact me to learn more!