What You Need To Know About The Home Inspection Process
So you have finally identified the house you want to buy and you have but a few days left before the home inspection takes place. In most cases, when the real estate agent makes the offer, it is contingent upon a satisfactory home inspection & obtaining mortgage financing.
Home Inspection- What is it?
The home inspection process is a non-invasive and limited examination of the current condition of the home- in most cases; this is conducted when that home is being put up for sale. The home inspector handles the home inspection process and this person has the necessary training & certifications to conduct these inspections. Once the inspection has been completed, the inspector uses home inspection software to create a written report that is given to the home buyer.
The buyer then uses the information from this report to make an informed decision about buying that property. The report will make note of the condition of that property at the time of the inspection, however it does not guarantee its future efficiency and condition or even the expectancy of the components and systems in it. The home inspector’s sole job is to evaluate the condition of the house and if you need a market value estimate, an appraiser will handle that for you.
Home Inspection Checklist
The home inspection checklist should include:
Exterior & interior walls
Doors and windows
In addition the basic components of the home inspection checklist, you can also request for some optional services such as wood destroying pests, asbestos septic etc.
Home Inspection- The Cost
Generally, the home buyer has to make an up-front payment for the inspection. At times the purchase contract may have an agreement which states that the seller will have to reimburse the home inspection cost at the time of closure. The home inspection cost varies from one state to the next but can be in the $250-$400 range based on the services that the home buyer has opted for and the location of the house.
As a buyer, it is important for you go through the purchase & sales contract very carefully to ensure that the agreement doesn’t state that the house may be sold-off in an “as-is” condition and that the seller takes care of the requested repairs before the sale is finalized. To learn more about the home inspection process, contact ResMac Home Loans.