The Home Inspection
Buying a home is a big move. Choosing to have the home inspected by a professional is an important part in the home buying process. A professional inspector neutral to the transaction can thoroughly investigate the homes condition and mechanics. Those findings will be documented in a written inspection report which you should discuss with the inspector and your agent.
After finding a home you wish to purchase, you will need to sign a contract for binding the buyer and seller to the terms of the sale. Be sure your contract contains a contingency clause allowing for the inspection of the home with the ability to escape or void the contract if major problems are revealed by the inspection report. You may find it necessary to submit a new offer based on the information received from the inspection. The common approach to address problems found in the inspection report is to submit to the seller a "Request for Repair" form. Your real estate agent should have this form. It does offer a seller the ability to refuse the request and cancel the transaction, however, compromise is the norm and reasonable people usually come to an agreement that works for both sides in this area.
Most communities should have a good supply of Home Inspection companies to choose from. Look in the yellow pages of the area you are buying in. Hire an independent inspector who has no vested interest in the transaction and who is a member of a trade association, such as the American Society of Home Inspectors. These members have agreed to abide by a written code of ethics and prescribed standards of practice designed to protect prospective buyers.
Ask upfront what will be evaluated. Consider the cost of the inspection, what will be tested, and what tests are performed or are available (such as asbestos, radon gas, water quality, and lead base paint). Keep in mind amenities such as swimming pools, tennis courts and well/septic systems may need the inspection services of a specialist. Termite reports are issued by termite/pest control companies, although evidence of their presence may show up in the home inspection.
Questions to Ask a Home Inspector
1. What are your qualifications? Are you a member of the American Society of Home Inspectors or National Association of Home Inspectors?
2. Do you have a current license? Inspectors are not required to be licensed in every state.
3. Does the report include estimates of repair costs?
4. Does your company also do repairs when you find problems? If the answer is yes, it may indicate a conflict of interest.
5. Do you carry professional errors and omission insurance?
6. Can we accompany you on the inspection?
7. What specifically will the inspection cover?
8. What type of report will I receive after the inspection?
9. How long will the inspection take and how long will it take to receive the report?
10. How much will the inspection cost?