When purchasing a home, a home inspection is a vital step to ensuring that you feel comfortable about your purchase and you know as much about the property as possible. Make sure you hire a professional that is licensed and experienced in home inspections. This is not something to have your dad’s cousin perform or a family friend that may not be proficient in current laws, regulations and codes. A professional does this on a daily basis with several dozen homes each month. By understanding building codes, how the property is wired, plumbed and constructed, a professional can give you expert advice on whether or not the home purchase is even a wise move.
Once you’ve had an inspection the inspector will issue a report stating everything they know about the house. Now an inspector, while they are professional and experienced in their field, may not know everything about every little detail of the house. If there is a larger area of concern most inspectors will recommend an additional inspection. This could mean having another expert take a look at something like the roof, foundation, plumbing or electrical issues. Most inspectors will be able to tell you a brief synopsis of any hazardous issues of the house letting you decide whether you want to move forward or not.
Read more: Final Inspection and Walk Through Checklist
The inspector will issue a report covering pretty much every detail of the house starting from the roof to the foundation, electrical outlets, lighting fixtures, faucets, appliances, major construction and building materials. If there is any issue to one of these areas it will be noted in the report. It is up to the homebuyer or the person that authorize the inspection to decide what to do with the inspection from here on out. If the homebuyer had an inspection, they may want the seller to perform some repairs or replacements if necessary. Most buyers should at least ask for hazardous issues to be taken care of. If there something that could be of grave concern such as severe damage to the foundation, leaks, or safety issues, though should be taken care of ahead of time.
The homebuyer will complete a contingency document stating what they are requesting back to the home seller. It is now up to the seller whether or not to perform those actions. The seller can renegotiate for certain terms or financial reimbursement. Regardless of the outcome, both buyer and seller have to agree on the terms otherwise the transaction can be terminated. If the seller agrees on repairs, those repairs or replacements need to be made before closing. Once all of the repairs have been made the buyer can authorize a final walk-through.
This walk-through is usually done about 2 to 3 days before final signing and closing. You won’t want to do this the day of signing because if there is an issue or something that did not get completed, the seller will need time to remedy these issues before final signing. Your real estate agent will contact the listing agent and ask if the repairs have been completed. If done, the buyer can schedule a walk-through. This is where you’ll want to walk through the entire property verifying any repairs or replacements have been made and that the home is in proper condition to be closed upon. Sellers have an obligation not to trash or destroy the property between the inspection and closing. If anything is out of order, the buyer can requested to be resolved before closing.
Related: 5 Major Home Inspection Red Flags
This final walk-through is crucial for a homebuyer. This is your final say on whether or not you approve the home for sale. If anything is amiss, you want to handle this before signing your closing documents.
For more information on the final walk-through and what your buyers rights include please contact our office today.