Yesterday I attended a great home inspection with some clients who recently went under contract. There are a lot of moving parts in a home, meaning there are a lot of opportunities for problem areas to be overlooked. This particular home was immaculate, making the job of the home inspector much easier. A good inspector will take their time looking throughout the home from top to bottom, inside and out. For a 1200-2300 Square Foot home, this should last between 2-4 hours. The more problems, the more time the inspector is going to spend in the home.
Home condition is going to be important to your financing as well. After the home inspector (and if you have a FHA, USDA or VA loan) a licensed appraiser is going to look through the home for potential safety or structural issues as well. Any repair requests made based upon the home inspection are going to be completely separate from those made by the appraiser. If the buyer is asking the seller for repairs, depending upon the contract wording, the seller will have the option to make all repairs, make some repairs, give the buyer money in lieu of completing repairs, or say no to any repairs. When the appraiser tells you there are repairs needed, either the seller needs to complete those items to the appraiser's satisfaction, or the lender will not be authorized to complete the loan.
All of this is irrelevant if you are purchasing a home in "as-is" condition. This happens a lot in short sales, bank-owned properties (REO's, Foreclosures), and some standard sales where the owner is unwilling or unable to make repairs. In these cases, the home inspection is purely for informational purposes. There should be a clause written in your contract to allow you to walk away and get your earnest money deposit (EMD) back if the results are not agreeable to you, but be aware that there is going to be a time limit!
Any other questions about the home inspection process? I'd love to hear them and help get them answered. Need a referral to a good home inspector? I can help with that too! Just leave a comment below.
Lothian MD Homes for Sale - Genna Fleming, REALTOR® with EXIT ELITE REALTY
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