Whether selling or buying property, a home inspection is very likely something you have to deal with. It is an important part of real estate transactions. Experienced inspectors check
- Air and heat systems
- Electrical system
- Foundation for major and minor issues
The good or bad of a home inspection depends if you are the buyer or seller. A home buyer learns of the overall condition of the property being inspected and avoids unexpected expenses after closing on the property. The inspection has the potential of making or breaking a deal for the seller. Here are three things both buyers and sellers should know.
Buyers have the right to waive physical inspection appraisals. Licensed realtors advise against the practice. They require buyers to acknowledge the choice of having no contingencies is against the agent’s advice. Waiving a home inspection gives the buyers a stronger position in the eyes of the seller.
It also benefits the seller by removing an opportunity for buyers to back out of a sale. When waiving a home inspection and some other reason prevents closing, a default of the contract has negative consequences. The buyer stands a chance of losing the deposit for liquidation damages. Both parties sign escrow paperwork to release the money. It is not as simple as issuing money due to default.
Sellers have the option to obtain a home inspection before listing it on the market. The review will eliminate surprises. It provides a rundown of any foreseen problems. The seller has the option of making needed repairs or getting quotes before agreeing to make repairs.
There is no perfect house. Home inspections nearly always reveal an issue in need of attention. The buyer often asks the seller to make the repairs, cover the cost, or reduce the price. Sellers, eager to move, sometimes agree to the amended terms. Sellers have three to five days to decide on the repairs. Knowing the cost of repairs ahead of time allows the seller more bargaining power.
Inspections are a stressful part of selling a home. There are three things to do beforehand to save heartache, money, and time.
- Check for burned out light bulbs
- Replace dirty air filters
- Unclog drains
Changing light bulbs is an easy thing to take care of in advance. Inspectors treat burned out light bulbs as potential electrical issues in need of further inspection by a licensed electrician. Replacing light bulbs saves the cost of a service call.
Home inspectors see dirty air filters as a system that is not functioning properly. Changing the filters avoids an HVAC contractor coming to your home to tell you the filters need cleaning. Unclogging stopped up sinks by pouring a drain cleaner into the sink that drains slowly saves a visit from a plumber.