Home inspections are a necessary part of the home-buying process. Since you’ve worked so hard to put everything else in place, don’t let the inspection be the reason your purchase stalls. So, let’s take a look at how you should navigate this part of the process.
Get the Right People on Your Team
You’re probably already working with a real estate agent, but Newsday suggests that hiring a real estate attorney is equally important when buying a house. When looking for an attorney, make sure you do your research and hire someone who is familiar with the area. Your ideal lawyer should also be able to handle your issues in a timely manner. When you get a real estate contract from the seller’s attorney, you’ll want to work with your attorney to ensure you understand it. Generally, a real estate contract will state the details of the property being purchased as well as the expected selling price. The contract should also state the responsibilities of the seller and buyer with regard to the transaction.
Pay Attention to the Contingencies
A real estate contract will likely have several contingencies that you should look for. According to the Balance, these include appraisal, loan approval, and home inspection contingencies. As per the appraisal contingency, if you’re borrowing money from a lending institution to purchase the home, you’ll be required to have the house appraised to confirm the validity of the seller’s price. A loan contingency means you’ll need to show that you’re pre-approved for a loan before the seller will consider your offer. The home inspection contingency is the one that requires that you have the home inspected within a particular timeline.
How to Handle a Home Inspection
As the buyer, it will be your responsibility to pay for and schedule the home inspection. This article by Forbes provides some helpful tips for scheduling a home inspection. You’ll want to look for a home inspector who is not only qualified but also bonded and insured. You should also attend the inspection if possible, as this gives you the opportunity to ask the inspector questions about what may be wrong with the property. A home inspection will typically cost you anywhere from $278 to $391 and takes several hours to complete.
After completing the inspection, you will receive a report about the findings. The information in the report is what you’ll use to negotiate repairs with the seller. If you’re buying a house “as-is,” however, this may not be a possibility. While it’s possible for the seller to specify that a particular part of the house being sold as-is like the chimney or swimming pool, more often than not, the term refers to the entire house. In that case, the seller would not be required to fix structural problems, termite infestations or a leaky roof, among other things.
How to Negotiate Repairs Successfully
Apart from the as-is exception cited above, sellers are required to fix issues related to structural integrity and anything that would affect your health, such as a mold or mildew problem. If these are not among the repairs listed on the inspection report, you should consider negotiating with the seller. It’s recommended that you get an idea of how much the repairs will cost before starting your negotiations. When negotiating, you should focus on important items such as electrical and plumbing systems. Instead of asking the seller to fix the problems before moving forward with the purchase, you can request seller credit. This would give you control over the repairs, and the seller would not have to find the funds for repairs immediately.
If you want to purchase a house successfully, you need to pay attention to all the fine details that are involved. By doing this, you’ll be more likely to have a hassle-free experience.