Home Inspection: A Buyer’s Best Friend

When you’re buying an older home, the Home Inspection is so much more than just a checkmark on your pre-closing checklist. The wise home buyer will pay particular attention to the Home Inspection before finalizing their offer on a home.

Act Soon

A typical offer will include a clause along the lines of “subject to Buyer’s acceptance of a certified home inspection.” In simple terms, this means you can still change your offer, or even walk away from the transaction, without penalty for any reason. Think of it as your last chance to be 100% certain you want to buy this house…at this price.

The “subject to Buyer’s acceptance clause” will include a fairly quick time frame, so you’ll need to act quickly in completing the inspection. An aggressive seller’s agent will push for a very short window, such as 7-10 days. As a buyer, you want as much time as possible to ensure the process works well and to your benefit. Two to three weeks is a comfortable timeframe, although a longer period might cause the seller to reject the offer altogether if there are multiple offers on a property.

Check Different Vendors; Budget for your Needs

You should research home inspection companies early on in the house hunting process. That way you have a short list of potential candidates when you need one quickly. Your realtor will likely have a few names for you to consider. Rates vary depending on geography and scope of services… $400-$600 is a ballpark estimate.

Be With the Inspector

It’s a good idea to accompany the inspector when the inspection is conducted. Even though you’ll receive a copy of a very detailed report afterwards, you’ll have a much better understanding of any issues that surface during the walkthrough.

As an added bonus, most inspectors will share their knowledge and opinions with you verbally but not include them in the written report. This information is invaluable in deciding whether to abandon the deal—if the inspector shares that a specific item is a deal-killer. It could also be a good negotiating nugget if he tells you a certain item looks significant but the fix for it is very simple and inexpensive. If you’re not really handy, most inspectors will also give you directions as to how to correct any deficiencies yourself.

The Inspection Report

You’ll want to share the final report with the seller, along with any counter-offer. More often than not, the seller will propose a price reduction based on the anticipated cost associated with each issue they agree to remedy rather than correcting the issues. This avoids closing delays and potential disagreements around the quality of each repair.

You’ve Got This!

Plan early. Budget for the inspection. Have an inspector or two close at hand and be involved. The Home Inspection part of the home-buying process is very much for your benefit.