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September
5
5
Home Inspection Process: What Buyers and Sellers Need to Know
No matter how new or old a home is, whatever its history, virtually all homes that are sold in the United States require a home inspection. Our REALTORS® know this process raises questions for buyers and sellers.
Home inspections happen for more than nine out of 10 Mansfield homes for sale. An inspection can protect both the buyer and the seller, though the buyer's lender usually requires it. Lenders want to protect their profits by ensuring nothing is wrong with the home.
Let's take a closer look at home inspections from the buyer and seller perspective:
- Buyers Almost Always Pay for the Home Inspection
Buyers are on the hook for the home inspection, but it is not much to worry about. While you should be ready to pay up to $500, many qualified services offer a full inspection for around $300. You can't usually finance these costs—they come directly out of the buyer's available funds. -
Sellers Can Consider a Pre-Inspection
Provide potential buyers with peace of mind when you take advantage of a pre-inspection. An ACE Property is one that has been pre-examined and certified by a home inspector. Areas reviewed include radon, HVAC, septic, and termite damage. Paid for by the seller, this plan provides many advantages, including fewer hidden inspection issues that will need to be addressed prior to closing on a property. - Inspections Can Take as Little as One Day
Over the last few years, home inspectors and other contractors have learned to work as fast as the market dictates. No matter where you are, it's a guarantee that at least one provider will be able to offer a complete next-day home inspection. However, you might end up paying 2x to 3x more than usual. - You Need a New Inspection Even if You Just Had One
The inspection report will be submitted to the lender, the future homeowner insurance company, and possibly others. That said, every buyer pays for their own inspection, which is theirs to use. If you have an inspection and that sale falls through, the next buyer will almost always have to pay for another one. - "As-Is" Doesn't Mean You Get to Skip the Inspection
Sellers sometimes put a home on the market "as-is" when they already know it has certain issues, usually before any inspection. This sounds alarm bells for buyers, who are even more likely to pursue an inspection early in the transaction. Listing a home "as-is" does nothing to deter buyers or lenders from getting an inspection! - Neither Does "For Sale by Owner"
Homeowners who list a property "for sale by owner" are at a significant disadvantage compared to others. They should be prepared for a longer listing period and a lower asking price. They are also vulnerable to legal issues, including missed disclosures and inspections. A "for sale by owner" home still needs a full inspection. - Certain Inspection Issues Can Stop a Sale Cold
What are inspectors actually looking for when they do their work? Buyers want to avoid problems with electric, sewer or septic, and HVAC systems. Rarer but still serious matters include evidence of mold, water damage, and certain pests. Buyers are empowered to walk away from a sale if they get any bad news. - Inspections Give Buyers More Leverage
An inspection typically benefits the buyer more than the seller since they can negotiate for repairs uncovered during the process. Lenders might also flag certain repairs as required if they are necessary to safely inhabit a property. - An Inspection Won't Necessarily Find Everything
Most inspectors perform a visual inspection and may take extra steps, such as testing light switches and faucets. They may not be able to access every part of the home, such as the attic, and they are not required to search through the property for issues. That means there's still a chance some problems will be overlooked.
Contact us to learn more.