A Closer Look at Home Inspections
When to get a Home Inspection
A home inspection is an integral part of the home buying process. It is your right as a buyer to inspect the home before you buy. Once you’ve found a home you like, your Realtor will work with you to draft an offer that covers things like: the home inspection, offer price, earnest money, as well as other terms and conditions.
The Inspection Process
Once your offer is accepted, you will have a determined amount of time (typically three to five days) to conduct your home inspection. A home inspection often takes two to three hours. Some buyers elect to be present during the entire inspection, while others attend just the last portion. In either case, attending your inspection is the best way to know the true condition of the property you’re purchasing. After the inspection, you’ll have the opportunity to: ask the seller to make repairs, accept the home in its current condition, or re-negotiate the offer price, and or terms. If the two parties cannot come to an agreeable resolution as outlined in the inspection contingency addendum, the buyer may decide not to cancel the original offer, and should receive their earnest money back in full.
It is important to note that several cities require home sellers provide a pre-sale inspection, often called a “Truth in Housing Inspection”. If you’re buying in a city that requires this type of inspection and you’re an FHA borrower, your ability to get a loan may be affected. Your Realtor can tell you what cities require a truth in housing inspection and how it can affect you as a buyer or seller. A home with a “pre-sale inspection” does not mean a buyer gives up their right to conduct their own independent inspection. Watch our On Real Estate videos segments about home inspections to learn more.
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