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Summit Real Estate Wrap

Home Inspections - What To Expect

Lucy E. Thompson, Broker/Sales Associate, Keller Williams Realty - Summit

Monday, April 21, 2014 • 2:04pm

Unless inspections are waived, buyers are entitled to have the subject property inspected by a licensed home inspector, usually within 7-10 calendar days of the conclusion of attorney review.

The home inspector is specifically looking at the structure and maintenance of the home, and will focus his or her attention on four major items:
 
-structural
 
-mechanical
 
- environmental
 
- safety
 
It is customary -- and advisable -- that the buyer(s) accompany the home inspector on his/her inspection of the home so that:
 
A) they can find out how systems in the home operate and any regular maintenance recommended.
 
and
 
B) they receive first hand information on anything that is not functioning correctly or items that require replacement or remediation.
 
Generally the initial home inspection, and the home inspector's recommendations, form the basis for any other recommended inspections such as, but not limited to, mold, asbestos, lead, in-ground oil tanks, chimney, in-ground pool, radon, electrical, plumbing, etc.
 
Defects are listed in a letter from the buyer's attorney to the seller's attorney, and negotiations ensue to either leave "as is" (especially for items of a cosmetic nature), remediate, or provide a credit at closing (the latter choice is less popular / possible now that mortgage rules are so much more stringent than they were.)  Often the real estate agents for the buyer and seller will get involved in negotiations or organize further inspections/estimates in order to facilitate a swifter conclusion.
 
Even if a home is listed "as is", generally a buyer reserves the right to complete a full inspection to determine the cost of repairs etc. and, while sellers listing an "as is" home will not negotiate per se, buyers still have the option of raising issues that are determined to be "deal breakers."  Much depends of course on whether or not the seller received multiple bids (this results in less leverage for the buyer) and the motivation of both parties to get to the closing table.
 
 

If you are a seller, buyer or investor seeking expert, professional guidance for all your residential real estate needs, then Lucy Thompson invites you to contact her without delay.  She offers all her clients a sophisticated service for selling and/or buying and she will help you achieve your real estate goals!

Your real estate dreams and needs are all about you and she will listen so that you receive the very best advice and options!  You owe it to yourself to hire the best agent and Lucy will prove, through hard work, energy, enthusiasm, motivation, comprehensive information and results that you will benefit from making the right decision in hiring her.   You can reach her at lucy@lucythompsonhomes.com.

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