For most people, choosing a home to buy is the biggest decision they will ever make. Being well-informed on how to make this choice will save money and heartache in the years to come. It is wise to purchase a real estate inspection for protection against the unknown and to minimize the risk of buying a property with expensive problems that were not evident at the time of purchase.
There is a limit to the amount of repair that can be ordered by the buyer from the seller, but if the seller agrees to a certain amount of repair based on the home inspection, many times it is to the benefit not only the buyer but the seller to have a Real Estate Inspector’s report. Of course it is best that the buyer hires his or her own real estate inspector, even if the seller offers an Inspection before the buyer purchases the property. Either way, it can only increase the value of the home for it to pass a real estate inspection and offer a potential buyer a clean report.
Why is it Important to get a Real Estate Inspection Before Purchasing a Home?
One of the most important reasons to order a real estate inspection report before purchasing a home is to mitigate the chances of buying a home with major repairs that must be addressed. The more a buyer knows about the defects of a home before purchasing the more bargaining power the buyer will have on the sales price. Also, the buyer will find that knowing about what things are sound and what needs repair, will give more peace of mind for making a realistic choice to go ahead and buy or to move on to another property. Of course it can get expensive to order real estate inspections for every potential property that a buyer is considering, so ordering this type of report is usually only done if a buyer is very committed to following through on the purchase of a property.
What is Covered?
Just about anything that can be inspected on the property can be covered in a Home Inspection Report. There is usually a place on the contract to write in items or fixtures that are not included in the standard language of the contract. The typical standard fixtures that are covered in a Home Inspection are; a survey of the basic operation of the heating and cooling system if applicable and building components that can be easily viewed, reached, entered, and touched without difficulty or endangerment to the inspector. The inspector will document the general condition of the structures under consideration. A report will be prepared, in writing to show discovery of systems and components of the building(s) with regard to proper functionality and safety. It is up to the client to completely read the report and then contact the Home Inspector’s office to express any concerns about the property inspection or the written report.
Usually the client must keep in mind that once the report is issued and if the client learns something more about the property’s condition, these facts must be reported to the real estate inspector immediately. The client must keep in mind that a real estate inspection report is not a home warranty policy nor is a guarantee of any kind. The report is simply a way to become aware of the present condition of the property, which then may influence the buyer to take steps to acquire a home warranty or any other insurance policy.
The Risks of Not Having an Inspection
When shopping for real estate to purchase, ‘caveat emptor’, which is Latin for ‘let the buyer beware,’ is the way to think and the way the courts will think in mediation or litigation regarding any issues that could come about down the road after the closing date on the purchase of any real property. This means that the buyer is responsible for the decision they have made. In most states it is up to the buyer to take the appropriate steps to fully inform him or her of what they are purchasing. The best way to begin this process is to get the professional opinion of an expert in a real estate inspection.
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