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September
25
25
Breaking Down the Home Inspection Process
New home buyers attempting to untangle the complexities of the purchasing process may struggle to understand the differences between the appraisal and the inspection, as both appear to examine the same attributes of the house. Essentially, the appraisal determines the house's value, while the inspection determines the condition. Our real estate agents want to provide both buyers and sellers with a more in-depth description of the inspection process and how it benefits both parties.
- What's the goal of an inspection?
A professional inspection reveals whether or not the property has significant defects. It investigates the structural integrity of the foundation and roof and examines the systems that affect it; plumbing, electrical, and HVAC. Most offers include a contingency that if any component is insufficient, the seller must provide an acceptable solution, or the buyer can walk away without forfeiture of earnest money. The inspection protects the buyer but also assures the seller that the sale price is reasonable and the property is listed in good faith. While the buyer normally pays for the inspection, many sellers find the few hundred dollars it costs worth knowing about any issues in advance. A buyer may accept a written report provided by the seller. If any issues are revealed, the seller can either resolve them or reduce the selling price in compensation for the repairs. - What aspects does the inspector target?
The inspector will examine the condition of the floors, ceilings, walls, roof and gutters, attic, and basement for cracks, leaks, termite damage, and signs of mold. The inspection will include heating and cooling, plumbing, and electrical systems. The inspector may recommend additional services such as radon, asbestos, or lead, particularly in older homes. If you're interested in Rockford homes for sale that are new or relatively new construction, they may not require these options. - How should the seller prepare?
The seller should make all components easily accessible by the inspector by clearing out obstacles leading to them. Basements and attics should be empty, if possible, or at least allow a convenient path to reach them. The utilities should be on so that the inspector can check the function of the HVAC system, water heater, and furnace. Exterior spaces should be clear of vegetation and debris to allow access to crawl spaces, septic tanks, and drainage access. - Should the buyer be involved in the inspection?
While the buyer is not required to attend, most inspectors will allow the buyer to accompany them during the process. This allows the buyer to see the home through the eyes of a professional while getting a better look at the details of the house. The inspection should take approximately one to three hours, providing ample opportunity for the buyer to ask questions along the way. - What happens next?Â
The inspector will provide a detailed report within a few days. There will almost always be minor issues that should not hinder the closing process. More extensive issues are now open to negotiation. The buyer could walk away if the remedy is too expensive or will take too long to complete. The seller could reduce the price of the home sufficient to cover the repairs. The seller could make the repairs before closing. An experienced agent can help negotiate and guide both parties to the appropriate solution.Â
Understanding this and other steps of the process will help you move forward toward your goal. Our seasoned professionals will help ensure that you can do so with confidence. Contact us when you are ready to take your next step.Â