You Have the Home Inspection Report-Now What?
A
home inspection is an optional procedure that is performed
prior to closing on a home purchase. Inspections are designed
to disclose property defects that could potentially affect
the home's safety, livability, or resale value. Although
they are not typically required, it is virtually unheard
of to purchase a home without conducting an inspection by
a qualified home inspector. It is also recommended that
home inspections take place with new construction as well,
to safeguard the potential buyer against any major defects
or construction issues.
Typically a home inspector is contacted immediately
after the property is placed under contract. There is usually
an inspection clause in the sales contract, which makes
the final purchase, or closing, contingent on any findings
brought to light in the inspection. The clause should also
state whether or not discovered issues will be repaired
to the buyer's satisfaction or monetarily compensated for.
After you receive the home inspection report,
make sure that you understand any of the issues or defects
noted in the report. Speak directly with the inspector to
obtain clarification on any of the items that you are not
clear on.
Next, communicate with your realtor and attorney
to discuss any issues with the home that must be corrected.
They should bring any of those concerns to the attention
of the seller's agent and their attorney. Your decision
to close on the home should also be contingent on either
the repair or price concession for the problems in question.
Examples of complications that frequently occur are problems
with the roof, wiring, plumbing, HVAC systems, and foundation.
To obtain an accurate cost assessment to repair any of the
points in question, you will need to contact a licensed
contractor for an estimate. You should also have the inspector
look at the security system and check to see if it is up-to-date
and appears to be in working order. ADT
security systems and other home security brands change
their technology periodically and you'll want to see how
much an upgrade may cost.
When it is all said and done and all of the
financial and repair adjustments have been made, it is still
necessary to do a final walk-through prior to signing a
purchase agreement. Often, a significant amount of time
can elapse between the initial inspection and the closing.
Further damage caused by severe weather and during the moving
out process can result in new issues.
Do your self a favor from the beginning and
hire an inspector that is an active member of the American
Society of Home Inspectors, or ASHI. Finally, be diligent
and take the time to conduct a final walk-through before
you close on your dream house.
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