When you are buying a home, it is vital to get your home inspected. Inspections can uncover flaws in the home or hidden hazards that can cost you thousands of dollars later on, and be a safety hazard for your family.
In the beginning of a real estate purchase transaction, you, as the Buyer, are given a contingency period. This time period is negotiable with the Seller and varies from 7 to 17 days in length. During this time it is your job to inspect the home.
Most home buyers do not have the expertise to see any hidden defects. It is crucial to have a competent licensed professional conduct the various inspections on a home.
Most buyers are smart to get, at least: Continue reading
Recommended: The minimum basic inspections I believe a Seller should obtain beforehand are a Termite Inspection and a Property Inspection. These will cover 90% of what may come up. There may be electrical/wiring issues at the panel; possible foundation concerns; plumbing leaks; presence of dry wood or subterranean termites ; dry rot etc. If a roof is ten years old or more, it’s a good idea to get a Roof Inspection as well. A Fireplace and Chimney Inspection are also a good idea if the chimney is a masonry chimney. The cost of inspections will range from $700 to a $1000 total. More often than not, they will save you a lot more money and stress in the long run.
Don’t be surprised if the Buyers want to get their own inspections on top of yours. Continue reading
Why should I pay for reports when I’m selling my home instead of letting the Buyer pay for them?
Up until the mid 90’s, (back before the internet became something everyone had) information about a home was not as readily available to the general public and was a closely guarded by the real estate industry.
Many of today’s Sellers, bought their homes years ago and had a different experience when they were Buyers. Back then, relatively few Sellers had inspections or reports done on their home prior to going onto the market. A Buyer generally made an offer, then, once it was accepted and into escrow, they went and obtained a loan and then had inspections done on the property
The general thought among many listing agents was “let the Buyers spend their money. Once they have spent $500 to $700 on inspections they are psychologically less likely to walk from the deal”. This also kept the Buyers in the game once the issue of repairs came up. This mindset was true when information was limited and Buyers had to rely heavily on 3rd party advice or access to information.
Jump forward 15 years and the access to information is very different. Continue reading