Buying a home is a proud moment and a major investment for anyone. Prior to submitting an offer it is important to do your research and find out as much information as you can. As a potential buyer, part of this process includes touring the house, having an inspection done, and using those results along with other comparisons to come up with a price you feel comfortable bidding for the house.
One of the first steps in the home-buying process is to tour the home. Touring the house with a licensed agent allows buyers to get general information about the property, ask any questions they may have, and see the overall condition of the home from an inside perspective.
Interested buyers will then usually have a licensed inspector come for a formal inspection of the home. The purpose of the inspection is to inform both the buyer and seller of issues that need to be addressed. A typical inspection consists of checking to ensure that the appliances that will be included with the home are in working-condition, that the electrical outlets are safe, that the roof is not leaking or sinking anywhere, and that the house is overall safe from any major damages. However, not all problems can be spotted without the trained eye of a licensed inspector. Problems such as leaky faucets and faulty electrical boxes are some examples.
All inspectors are different and using those that are thorough, doesn’t necessarily guarantee a good inspection. Some inspectors are so overly thorough and point out all the minor/inexpensive “problems”. Minor problems that don’t require immediate attention may deter some buyers, especially first timers, to cancel the deal. As a solution, buyers should consult with their agent or attorney to recommend an inspector they would be comfortable working with.
During an initial tour of the house buyers and their agents may be able to notice paint chips, a dated carpet, older bathrooms, and the cracks in the walls and ceilings, but without having a formal inspection done by a professional, they may overlook some major issues.
It behooves the buyers to consider all these small details and place their bid accordingly. It is important to understand that one should not make an offer with the intent that they will get money deducted from the purchase price for inspection issues. Therefore, when getting the report back it is important to make sure to request credit or repairs for items that are imperative to the safety of the house.
While keeping the problems and repairs in mind is important, it is equally important for buyers to not get too picky. Depending on current market conditions, interest rates, rent prices, and the demand for housing, sellers can lose patience. If a buyer is being difficult haggling over the results of the inspection, the seller has every right to deny those requests and walk away from the deal.
Buyers should look to their agents and attorneys for advice on how to proceed after reviewing an inspection report. This will allow them to receive the property guidance, so that they don’t lose out on a house they really want.