Here’s what you should do (and expect) during the inspection process.
Finding an Inspector
Now that you’re under contract, you likely have a set period of time to conduct a home inspection. Ask your Realtor® for recommendations for inspectors if needed, and ensure you complete the inspection in the appropriate timeframe.
What Does the Inspection Cover?
A good inspection should cover the home from top to bottom, including structure, exterior, roofing, plumbing, electrical, heating, air conditioning, interiors, and ventilation.
Should Your Attend?
it’s advisable that you attend the inspection along with the inspector to look at the home closely and ask questions. Your Realtor® may also want to be present. You do not have to agree to allow the homeowner to be present during the inspection if they ask.
What if There are Problems?
If your inspector finds any issues with the home, you have a few common options. The first is to allow the homeowner to make the repairs, if they agree. The next is to negotiate the cost of the repairs as part of a price reduction so you can make the repairs yourself. Finally, if you and the sellers can’t come to an agreement, you can cancel the contract. Your Realtor® will advise you on how to proceed to best accomplish your goals.
Other Consultants You May Need
Your Realtor® will guide you, but it can often be advisable to bring in other expert consultants, depending on the property. This may include an electrician, plumber, arborist, structural engineer, or others.
Distressed Properties
If you’re considering purchasing a short sale, foreclosure, or other distressed property, you can often times get a great price because most are sold “as is,” which can often mean no inspection. Keep in mind that these sales can take a long time to close, as a third-party has to approve it, and it may have to go through the judicial system depending on the type of sale.