I’ve heard it many times: “Did our home pass its inspection?”
A home inspection is not a pass or fail test and furthermore, no home is perfect. But whether you are a Buyer or a Seller, you can take measures to prepare your home (and yourself!) for the surprises that may occur during a home inspection and to ensure a smoother escrow process.
However, the home inspection does open a window of negotiation between buyers and sellers based on the findings. During this process, each party must be satisfied with the terms for the contract to move forward. Because the home inspection occurs at such a fragile point of the escrow process, understanding how inspections work is vital.
What is a Home Inspection?
During the escrow process, the buyer often hires a home inspector to come to the house and perform a visual observation and provide a report of his/her findings. The inspector is not concerned with cosmetic issues. Inspectors generally are concerned with items that are unsafe, nearing the end of an average service life or broken.
There are seven major things that home inspectors look for:
Damaged Electrical System
Insect and Pest Infestation
Issues with the HVAC System
What to Expect During a Home Inspection?
An average home inspection lasts about 3 hours and generally reports are ready within a few days. Upon receipt of the home inspection, Buyers or Sellers (if performing a pre-listing inspection) may have a much clearer picture of the home’s condition.
In the case of a pre-listing inspection, Sellers may choose to address key issues to make the process of selling their home smoother and without unwanted surprises.
For Buyers, a skilled real estate agent become vital at this point in the process to help with the negotiation of the necessary repairs. It is easy to become emotional during the negotiation process and a skilled and experienced Realtor can go a long way in helping you through this process.
Check out my information for Sellers here to learn more about preparing your home for the market.