The Home Inspection
In the Offer to Purchase, the date for the Purchase and Sale is set usually two weeks after the offer is accepted. It is in the time between these two events that the buyer schedules a home inspection. It is highly recommended that you hire a reputable home inspector to go through the house. Your agent can provide you with a list of all the licensed home inspectors in the state. It is up to you to select one. A licensed inspector will examine the outside and inside of your new home thoroughly, commenting on the positive aspects as well as what he perceives as problem areas. He will inspect the foundation, exterior surfaces of the house, inspecting all systems and services including electrical, plumbing, heating, and air conditioning. He will inspect the from basement to the attic for signs of any or all of the following: structural damage or weakness, water damage, insect infestation, mold, mildew, lead paint, asbestos, radon, underground fuel storage tanks, and wood rot. When the inspection is finished, you will know the good and the bad.
Buyers have to make a decision about purchasing the property based on the inspection report. You may decide to go ahead with the purchase, back out of the offer, or modify the offer and continue with the transaction. A negative inspection may not necessarily void a deal. Some buyers will offer to fix any number of deficiencies before continuing with the offer to purchase. Some are willing to split the cost with the seller. Sellers are sometimes willing to bear the entire cost of repairs themselves.
Working together, realtors, buyers, and sellers are usually able to come to an agreement acceptable to both sides.
The Purchase and Sale »