You made an offer on your dream home and it was accepted. You have all your financing in order and hope to close in 30 days to move in as soon as possible. It is an exciting time but it can also be a stressful time.
Before you start packing, you have one more hurdle to jump in the home buying process. When your realtor wrote the Earnest Money agreement, he or she probably advised you to ask for a home inspection. This inspection would be paid by you, the buyer. Most inspections cost around $500 and whether you purchase the home or not, the buyer still will have to pay for the home inspection.
In most cases, the realtor will recommend several home inspectors to you. The realtor will provide you the names of more than one. It is your responsibility to call the home inspectors and set up an appointment. This should be done quickly and usually it has a time frame in the sales agreement.
Some homebuyers may feel like this is a waste of time. After all, they found a home they love and it looks great. After your realtor explains that you can inspect the house yourself, but he does not recommend it. Even if you are in the construction business, you might think you know everything about performing a home expectation.
This is one area you should never try to do yourself. Even if you have some construction knowledge, a licensed home inspector does more then just take a quick look around. They will start by crawling under the home and looking for foundation problems. He or she also will inspect for pest such as termites. This is a very important part of the inspection. The inspector will usually spend several hours at the house looking and searching for things that might cause you problems in the future.
After the home inspector has finished the inspection, they will type up a copy of the report and provide you with a copy. He will include pictures and details on every aspect of the home. The report will guarantee that findings are accurate and true. After you and your realtor receive your copy, set up an appointment to review it together.
There may be some surprises from the home inspection that are better to know now, rather then to learn about them after you buy the home with major flaws. Together with your realtor, you will decide on the best plan of action. You can ask the seller to fix everything that the home inspector has found or you can ask for a reduction in the price of the home. Your lender may require that some things get done before the loan is final. At this point you can change your mind and back out of the agreement to buy the house if the seller and you can’t come to an agreement. Although, most of the time, things can be negotiated between the buyer and seller to have the problem areas fixed.
After everything has been corrected to your satisfaction, you are ready to sign off and say you are pleased with the home and want to continue to closing.
A home inspector will bring you much needed peace of mind. This is a very important part of the home buying process. Even a brand new home should have a home inspection.
So if you are in the middle of putting in an offer for a home, do not forget to ask for a home inspection. It is one of the most important parts of the process. You will be glad you took the time and spent the money to give you this peace of mind.