An inspection is a visual analysis of the accessible portions of the home and its component systems, such as plumbing, electrical, roofing, structural and cooling/heating systems. An inspector’s report alerts the buyer to potentially expensive and annoying physical defects in the condition of the home. Based on the inspector’s findings and recommendations, the buyer may use the results as an opportunity to probe the seller’s willingness to cure defects. Further, often times buyers may elect to exit the deal for material defects, negotiate a promise from the seller to make needed repairs, or convince the seller to grant a compensatory price reduction.
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Although many buyers tend to hire a single inspector or inspection firm, the inspector may recommend additional expert evaluators based on defects spotted during the inspection. Some inspectors routinely suggest a team, including an electrician, an expert in heating and air conditioning systems, a pool expert, etc. Buyers will want to verify the terms of the inspector’s liability (errors and omissions) policy to be sure it covers damage to property being inspected and the costs of on-the-job injuries befalling the inspector. An inspectors guarantees may not be worth much when the inspector is uninsured and under-capitalized.
Since the buyer will be relying on the inspector’s report and the format and quality of reports varies widely, the buyer should ask to see a typical report prepared by each inspector under consideration. Avoid inspectors whose reports contain little more than warmed over boilerplate or are conclusory, labeling each component, for instance, as being functional or non-functional without detailing defects and the probable cost of cure.
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When Inspections Should Take Place
Buyers seldom order professional inspections before their offers have been accepted. They don’t want to spend the money until the seller is obligated to sell. Home inspections may need to occur several times during the executory period. They buyer will have walked through the property before contracting to buy, but will need to reserve the right to make a more thorough, formal inspection within a week or two after signing the contract. In every case, the buyer needs a final walk-through inspection the day before or day of closing, preferably after the seller as vacated, to ensure any agreed work is complete and no new defects have cropped up; also to confirm that seller has left behind all promised personal property, appliances and fixtures as contracted.
For most buyers, a home purchase is their most important investment. Most all homes will have maintenance issues and conditions--whether they are simple cosmetic fixes or serious functional defects, select a competent, licensed home inspector to help avoid being saddled with expensive and time consuming problems after closing.
If you are thinking of Buying or Selling, call The DuPree Team at Keyes Company. We are here to help you throughout the entire process . 1-833-2-DUPREE