Today’s topic is one that is near and dear to my heart: inspections. This subject is loaded with expectations. For right now, I’d like to cover it from the buyer’s perspective.
When buyers move forward with purchasing a home, it’s very exciting. Then the inspection comes and the buyer is given a 53-page report detailing everything wrong with the property.
One thing to keep in mind is that inspections have a two-fold purpose. The first objective is to find anything that needs to be repaired in the property. The second objective is to understand the condition of the house and how to operate systems and appliances within it.
The inspector not only finds things that are wrong, they also educate the buyer on the home. After the inspection, the honeymoon period of home buying is pretty much over. When buyers get the inspection report, their rose-colored glasses usually come off and they start to feel nervous about their decision.
Once buyers know what’s wrong, they may start thinking about what they can realistically expect the seller to take care of. The level to which a seller might comply with these expectations can really vary.
If a home has been sitting on the market for a while, a seller might be more willing to take care of more items. Ultimately, it’s all about negotiation. Buyers and their agents can ask for repairs, but should know that the seller doesn’t have to agree.
If the seller doesn’t agree to fix something, the buyer may terminate the contract and receive a refund. The important thing is to know that you can’t force the seller’s hand. They may have a backup offer in their pocket. It’s important to weigh your options before pulling out of a deal.
The inspection could scare you, but the right agent is going to be able to tell you what is normal and what isn’t. Agents like myself will also be able to provide you with access to a large network of quality vendors who can help. With the right person by your side, inspections don’t need to be scary.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.