Once a purchase agreement is executed between the buyer and the seller, it is a good idea to get a home inspection done. The buyer needs to hire a professional home inspector to search for all defects within the home and report on the overall condition of the home. Many times, a buyer will have enough knowledge to look over the home themselves to find any defects, but it is always best to have an inspection done by a professional anyway. Buyers are purchasing the home in the present condition of acceptance.
The purpose of an inspection is to make the buyer aware of the physical condition of the property. Inspections do not provide guarantees of the home’s condition, but they do provide information that is valuable to the buyer.
A good inspector should belong to a trade organization for home inspections. The American Society of Home Inspectors (ASHI) is one example. This organization has formal guidelines and a professional code of ethics that all inspectors must follow. The requirements for those to join the group will be technical knowledge of structures, appliances, and proven field experience.
The seller wants the inspection performed quickly so that the buyer can approve the condition of the home and move on with the purchase. A list of possible items for repair will show up on an inspector’s report. The buyer can then negotiate with the seller to have repairs done, if needed, depending on the contract. The buyer can still cancel the purchase agreement if repairs exceed the $ amount allocated for repairs on the contract, or if repairs are not made within the timetable set. In the event that a repair may take longer than expected, an addendum to the contract, to finish the repair after closing, can be issued to satisfy both parties.
The buyer should look at the home one more time a few days before closing or in most cases, a few hours before signing the closing documents to see that the home is in the same condition that it was when they made the original offer. This is also the time that the buyer needs to notice if any agreed-upon repairs have been made.
The Home Buying Process:
Types of Resale in Today's Market:
Taxes, CDD, HOA, and Homestead:
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