Don't Ever Waive Your Home Inspection: Wise Words from Team SchuCo
If you are a first time home buyer and not familiar with the real estate purchase contract, then this article will help you better understand the home inspection procedure!
Would you purchase a car before test driving it? Probably not...I make this point because I have had clients ask if the Home Inspection is necessary? This article will cover the basics of a home inspection and why it is imperative that you have one completed before the contingency expires in your purchase contract.
I don't care if there are 30 offers in on the home and you feel like you want to make it a sweeter deal to the seller by passing on the home inspection contingency. Passing on a home inspection is a huge FAIL. Buying a home is an incredibly emotional process. If you have been in the market recently you are probably used to getting offers denied because perhaps you weren't the best offer or candidate out of the twenty plus that were submitted.
I know it seems like your world is going to come crashing down and you'll never find another one like it!! I've been there. Now I want you to close your eyes: You just moved into your very first home, you are completely settled with brand new furniture, freshly painted walls in that blue color you've been eyeing at Home Depot and took some convincing for the honey-do list. You have been saving for over a year now and it feels so great to finally have a place of your own!
Are you're eyes still closed? (probably not because you are trying to read, but work with me here, I need your imagination!)
Now you wake up just like every other morning for the past four months only this time when your toes hit the foot of the stairs your socks get wet and you find yourself in a 4 inch puddle of water that consumes the first floor of your new home!!! All of your furniture is soaking wet and your home warranty expired last week! Awe, the life of a home owner!!!
A limited, non-invasive examination of the condition of a home. Performed by a home inspector, not to be confused with a real estate appraiser. A home inspection could help reveal unexpected events that we as agents or clients can't see. If the home inspector finds a problem or symptom of a problem then it will be included in the written report of findings prepared and delivered by the inspector. It may require further evaluation if any findings are reported. The home inspector will describe the condition of the home at the time of the inspection but does not guarantee future condition, efficiency or life expectancy of systems and components. If no serious problems are found, the inspection gives you assurance that you are making a sound investment.
A home inspection contingency is part of the purchase contract. In California, the standard contract verbiage gives buyers 17 days to conduct the home inspection. That period of time can be shortened or increased during the offer negotiations. If you are not sure what your contingency period is then read your purchase contract or ask your real estate agent. The contingency period will begin once the offer has been accepted.
Would you purchase a car before test driving it? Probably not...I make this point because I have had clients ask if the Home Inspection is necessary? This article will cover the basics of a home inspection and why it is imperative that you have one completed before the contingency expires in your purchase contract.
I know it seems like your world is going to come crashing down and you'll never find another one like it!! I've been there. Now I want you to close your eyes: You just moved into your very first home, you are completely settled with brand new furniture, freshly painted walls in that blue color you've been eyeing at Home Depot and took some convincing for the honey-do list. You have been saving for over a year now and it feels so great to finally have a place of your own!
Are you're eyes still closed? (probably not because you are trying to read, but work with me here, I need your imagination!)
Now you wake up just like every other morning for the past four months only this time when your toes hit the foot of the stairs your socks get wet and you find yourself in a 4 inch puddle of water that consumes the first floor of your new home!!! All of your furniture is soaking wet and your home warranty expired last week! Awe, the life of a home owner!!!
What is a Home Inspection?
A limited, non-invasive examination of the condition of a home. Performed by a home inspector, not to be confused with a real estate appraiser. A home inspection could help reveal unexpected events that we as agents or clients can't see. If the home inspector finds a problem or symptom of a problem then it will be included in the written report of findings prepared and delivered by the inspector. It may require further evaluation if any findings are reported. The home inspector will describe the condition of the home at the time of the inspection but does not guarantee future condition, efficiency or life expectancy of systems and components. If no serious problems are found, the inspection gives you assurance that you are making a sound investment.
Possible Repairs could include:
Heating, Roofing, Plumbing (more serious issues)
Insulation and Paint (mediocre issues)
Electrical outlets, kitchen sink (minor issues)
What is a Home Inspection Contingency?
A home inspection contingency is part of the purchase contract. In California, the standard contract verbiage gives buyers 17 days to conduct the home inspection. That period of time can be shortened or increased during the offer negotiations. If you are not sure what your contingency period is then read your purchase contract or ask your real estate agent. The contingency period will begin once the offer has been accepted.
What Does a Home Inspection Include?
The home inspector should visually inspect the following:
Interior/Lead based paint
Foundation/Basement
Framing/Structure
Roof/Attic
Chimney
Kitchen/appliances/laundry/bathrooms
Plumbing System
Electrical System
Heating System
Air Conditioning System
Garage
Who pays for the Home Inspection?
Usually the buyer will pay for the Home Inspection. This is an out of pocket expense that you should budget for just like the appraisal. In most cases you will pay the inspector directly on the day of the inspection.
Should I Attend the Home Inspection?
A typical home inspection can take anywhere from 2-3 hours for inspection. We highly recommend that you attend the home inspection. Make the appointment for a day and time that will allow you to spend some time accompanying the home inspector. A good inspector should give the client an overview of the inspection process and invite you to accompany him.
If you are interested in having Team SchuCo represent you in the purchase of your new home then contact us today!
If you have any questions post them in the comments below! Thanks for reading and stay tuned for our article: What Happens If The Home Inspection Uncovers Serious or Unexpected Problems!
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