What happens during the home inspection process—and why it matters.
We’ve had a strong seller’s market in the past several months. To win their dream homes, many buyers had to give up their inspection contingencies. However, we strongly recommend against this. The home-inspection process can reveal so much about the property, and you’ll be at a disadvantage if you skip it.
When an inspector examines the home, they’ll check the most important parts of the property, which buyers often overlook. These can include the roof, plumbing, HVAC and electrical systems, air conditioner, water heater, etc. Once you receive the inspection report, you’ll have to focus on repairing or replacing the things that are broken and unsafe. However, your seller may be willing to provide a credit for some repairs.
In our experience, three outcomes typically follow after reviewing the inspection report. One, we proceed with the sale after finding no major faults in the home. Two, we give up on the sale because there are too many issues with the house. You get your earnest money back and shop for your dream home again. In the third outcome, which is what usually happens, buyers choose to negotiate with sellers on home repairs and hire professionals to fix the problems.
Some sellers who don’t want to be inconvenienced will give buyers money to resolve the issues. This can be a great solution, but make sure to talk to your lender first to ensure your loan allows this type of credit.
Inspections can make or break the sale of a home. If you’re really set on buying the house, you have to be reasonable when negotiating repairs. To learn more about the home inspection process or if you have any other real estate questions, call or email me. I’m always happy to help!