The Buyer’s Home Inspection
February 27, 2008
Once a buyer has a property under contract, it is time to have a home inspection done. As a buyer, you will want to hire a professional inspector, to help you learn as much as possible about the property you are buying. The inspection should include a check of major home systems, structural soundness, and safety concerns. The real estate contract provides for an Inspection Contingency, along with an Inspection Objection, and Resolution Deadlines. Ask your Realtor for inspector recommendations, and be sure to interview several inspectors before you choose one.After the inspection report is returned to you, review it with your Realtor, and with the inspector. Ask their opinion on the general condition of the home, and if the purchase is worth pursuing. If the inspection turns up too many hazards, and faults, you may want to walk away from the deal, and terminate the purchase contract.You also have the option to ask the seller to fix some, or all, of the items cited in the inspection, before you agree to continue with the home purchase. Of course, the seller has the opportunity to accept, or reject, these requests. If the seller refuses, you must then decide how important the issues are. Are you willing to concede, or is it a deal breaker?Another option is to ask the seller to reduce the selling price, or to give you a payment at closing to cover the cost of repairs, and upgrades. Again the seller has the option to accept, or reject, the request.In general, it is wise to only request compensation for serious, or major concerns. A seller will probably not want to make cosmetic repairs prior to closing, and you do not want to jeopardize the sale over a minor item.