The Home Inspection Processs

You've found the home of your dreams, now what? While there are many items to consider when making an offer on a home, making the offer contingent upon a home inspection is always a wise idea. Remember the movie, The Money Pit?

It is very important for you to be present for the inspection. Not only is this a time to discover all of the defects in the home but it also serves as an introduction to your new home. After the home inspection, you will know the approximate age of all the systems and what to expect from them in the future, and quite simply, where they are located within the home.

The main purpose of the home inspection though, is to discover the current and potential problems within the home in order for you to make an informed purchase.

A good home inspector will evaluate the electrical, plumbing, heating and air conditioning(HVAC) systems as well as the structure of the home. This is not a cosmetic inspection.

Every purchase offer is different, but generally if the offer is made with a home inspection contingency, the inspection must occur and the deficiency list (the items that the buyer wants the seller to remedy) presented to the seller within seven to ten days after the purchase contract was ratified . The time period should be specified in the offer and is usually an expense covered by the purchaser.

At the conclusion of the home inspection, the inspector will give the buyer and/or his agent a list of the problems found during the inspection. From this list, the buyer decides which items he will request to the seller to correct and presents the list to the seller.

Once the seller receives the list, he must decide between three courses of action: 1. The seller can fix all the items on the list. 2. The seller can fix some of the items but not others. 3. The seller can offer a reduction in the sales price of the home to offset the repairs that need to be made. If the seller decides on option #2 or #3 above, the buyer and seller must mutually agree on the course of action. If an agreement cannot be reached between the two parties, the buyer can elect to terminate the contract and have the escrow deposit refunded.

This article should not be used as legal advice. Information is deemed accurate but not guaranteed.