Buying or selling a home is one of the biggest decisions you’ll make in your lifetime. It is an exciting and stressful time. While you may have found the perfect home or the perfect buyer, a lot can happen during the escrow period. One of the essential steps in this process is the home inspection. A home inspection is necessary for all parties involved and it is an in-depth look at the condition of the property. We will guide you through the real estate home inspection process when buying or selling a home.
What is a home inspection?
A home inspection is when a licensed inspector comes to the property to do a thorough examination of the home and its components. The inspector checks the structure, foundation, roof, walls, plumbing, electrical, and other systems to identify any issues or potential problems. After the inspection, the inspector will provide the buyer or seller with a written report outlining their findings.
Who pays for the inspection?
Typically, the buyer hires and pays for the home inspection, but it is negotiable. The cost varies depending on the size and location of the property and can range from a few hundred dollars to over a thousand. It is crucial to discuss the payment arrangement with your real estate agent or attorney before scheduling an inspection.
What happens during the inspection?
The inspection can take several hours to complete, depending on the size and condition of the property. During the examination, the inspector will check the condition of the home’s major systems and components, including the roof, foundation, plumbing, electrical, heating, ventilation, and air conditioning. The inspector will also check for any signs of mold, pests, or other potential hazards. It is a good idea for the buyer or seller to accompany the inspector during the examination, as they can ask questions and learn about the property’s condition and systems.
What happens after the inspection?
After the inspection is completed, the inspector will provide a written report to the buyer or the seller. The report will outline the inspector’s findings, including any defects, issues, or safety concerns. If the inspector identifies any problems, the buyer can negotiate the repairs with the seller or opt-out of the purchase agreement. In some cases, the seller may opt to make the necessary repairs or offer a credit to the buyer in the purchase agreement. The seller may also choose to list the property “as is,” which means the buyer will be responsible for all repairs and maintenance after they take ownership.
Home Inspection Process When Buying or Selling
A home inspection is an essential step in the real estate home buying or selling process. It provides valuable information about the condition of the property and its components, and it can help the buyer or seller avoid unexpected costs or issues down the road. As a buyer or seller, it is essential to understand the inspection process, the inspection report, and the potential outcomes. A good real estate agent will walk you through this process and make sure you are well informed and prepared to make the best decisions for your situation.