Here is a quick overview and some thoughts on home inspections. The home inspection may be our least favorite part of the transaction.. but honestly it is one of the most important parts of the transaction! The reason we dislike the home inspection.. is it is where things tend to get a little dicey in the transaction – issues come up and sometimes tensions can rise between buyers and sellers.
After you are under contract on a property, there usually is an inspection period. This is usually anywhere from 7-14 days (at least that is traditional here in Nashville) depending on the contract’s terms. You can get many different types of inspections (termite, radon, foundation, etc) but we always recommend at a minimum you get a traditional home inspection.
A traditional home inspection is when a licensed home inspector inspects certain features required by state law and may inspect additional components and features at his or her discretion. They will create a report with their findings. If they see something they think should be further evaluated by a specific licensed professional, they will include that information in the home inspection report. You will then have the opportunity to contact a licensed professional who specializes in that area to further inspect the issue.
A few things to keep in mind:
- No home is perfect. Not even a brand new home. Your Home Inspection Report will have repairs you may need to take care of or maintenance items that you need to be aware of after purchasing the home.
- Remember that negotiations are just part of the deal. If there are items you want to address with the seller as part of the Home Inspection Contingency, understand that this isn’t black and white. Both sides may need to compromise in order to keep the offer together and move forward.
- Make sure you attend your home inspection and ask the home inspector any questions that you have along the way. This will help to prevent overwhelm and determine what to focus on and prioritize.
- We never recommend waiving your rights to a home inspection
After an inspection – the buyer typically can accept the property as-is, terminate the agreement or request repairs. More often than not in a typical market.. the buyer requests repairs. If the buyer does a formal repair proposal/request you usually go into a new negotiation period – where the buyer and seller must act in good faith and negotiate what each party is willing to do or not do. This is where things can get dicey, but more times than not the buyer and seller are able to reach a negotiation thus ending the inspection period!
Let us know if you have any questions about inspections! 🙂
