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Home inspection secrets you must know being a new homebuyer - PART- 2


home-inspection-secrets

This is the continuation of my last post, please find the rest below...

6) You can attend inspections

You must know that maximum inspectors suggest their buyers to be present at the time of property inspection. The buyers have the opportunity to ask any questions that are related to the property’s condition. Most of the inspectors suggest the means of maintaining the property after settlement.

As a respectful buyer, it’s your job to give importance to the inspector. You shouldn’t waste the inspector's time, it’s best to keep your cool. Try to ask questions which are meaningful, brief and related to the property. You can skip tiny details and negotiation about repairs, they can be discussed with the seller later.

You must remember that by any means, the inspector isn’t liable for any repairs, he’s only responsible for identifying them.

7) Ask for the inspection report

The inspectors are liable for giving a fair view of the property. After their site visit, they’ll provide you an official home inspection report in writing. The report may include pictures as well.

If you hire a real estate agent, he or she will get the report automatically. But if you want, you can ask the inspector to send you a copy directly. Once you get it, make two copies. Use one copy for negotiating with the seller and save the other for the legal purpose.

Read the report over and over before sitting with the seller. Don’t hesitate to ask questions if there is any confusion. If you don’t understand any point or it’s totally unclear, highlight the part and ask the inspector about it.

8) Have a talk about repairs with the seller

Depending on the inspection report, the buyer and the seller may discuss about repairs. There is three possible reactions we can expect from the seller, 1) the seller will perform the repairs, or 2) the seller will handover you the repairing cost in terms of money, or 3) the seller can deny the responsibility and repairs will become your duty.

It is obvious as a buyer you would prefer first two options. But you must prioritize your needs in order to get that. If you send repairs, which are focused on the report, they’ll be more likely to assist you.

There is a term in real estate market - “as is”. It means that, for whatever reason, if a property is marked “as is”, the seller will not make the repairs. These types of properties will have a lower sale price. But, if you go for such property, you may need to increase your budget to include extra repair costs.

9) Walk away if inspections are costly

After the inspection is done, what if you found that the repairs are too much extensive and costly? What if you found any toxic dump near the property. In that case, you can negotiate with the seller and fix the problem, unless you have the rights to walk away from the deal.

Buyers have the upper hand in those scenarios. As long as you inform the seller within the inspection timeframe, and give him a substantial reason, you can definitely walk away from the deal safely. But the sellers may keep your initial deposit as collateral.

10) After repairs collect the papers

After the inspection negotiations, you and the seller will have a long list of repairs. Ask a detailed report from the seller. Hire professionals to do the work and be sure to collect all the paperwork as proof.

It’s a good idea to keep the repair invoices after settlement as well. Whether you’re buying your first home or an investment property, home inspections are very helpful. There are several aspects to consider while buying a property, lots of paperwork to do, so please verify through the inspection process.

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