After finding an interested buyer, the home inspection likely still stands between your offer and closing the deal. What is a home inspection? Home inspections are investigations of the property performed by professional home inspectors. Home inspectors are knowledgeable about areas of a home that home buyers may easily overlook. Depending on where a buyer lives, the home inspection may be called a quality home inspection or peace of mind home inspection, but the process is the same.
Home inspections are an important part of the buying process. In fact, they are so helpful that many mortgage lenders will require them, along with an appraisal, before lending the money to buy a house. Both buyers and sellers need to understand what a home inspection entails and how it can impact the purchase process.
Who Pays for Home Inspection Costs?
Typically, the buyer is the one who schedules the home inspection, and they must do so within a set period of time based on the purchase contract. Buyers are also typically the ones who pay for the inspection. The price of the inspection will depend on the size of the home.
Buyers who are strapped for cash may not have the funds to pay for the home inspection. In these cases, the buyer may ask the seller to cover the inspection, then roll that into the closing costs. The buyer can also roll the cost into closing costs and take out a slightly higher mortgage.
How Long Does a Home Inspection Take?
The home inspection is the buyer’s responsibility, so after an initial offer is accepted, the buyer will find an inspector and schedule the inspection before the closing date. There is often a tight deadline to get this scheduled.
The inspection itself is not a short process. It can take several hours to complete, but most inspections are completed in one day. The buyer can attend the inspection, but the seller will need to leave the property. The inspector will need access to all areas of the home, including the attic, crawl space, basement, and other hard-to-reach areas. Then, the inspector will list out any repairs that are needed, as well as the estimated cost for those repairs.
What Do Home Inspections Check For?
Home inspectors are looking for problems with the home that could influence the buyer’s decision. Some things home inspectors look for include:
Damage along walls
Damage along the foundation
Poorly functional heating or cooling systems
Condition of windows and doors
These are just some examples of the problems an inspector would notice. Additional problems may influence a buyer’s decision, but are not part of a typical home inspection. Termite inspections and mold inspections, for example, are usually purchased separately from a home inspection. Buyers that suspect these problems may want to consider a second or third inspection specific to them.
Can Negotiations Continue After a Home Inspection?
Many buyers and sellers talk about “passing” a home inspection, but this is somewhat of a misnomer. While there could be problems found on the inspection that would cause the buyer to walk away completely, negotiating after a home inspection also is possible. The buyer may tell the seller, for example, that they are willing to still buy the home for the agreed-upon price if the seller makes the repairs. The buyer may also ask for a lower purchase price to compensate for the cost of the repairs. The seller can then counter, and negotiations continue until a new purchase contract agreement is reached.
Because the home inspection has the potential to find serious issues, many buyers will put contingencies in their contracts allowing them to back out of the purchase if the inspection finds a problem. This can be a valuable safety measure but is also a risk for the seller.
Home Inspections Help Buyers But Can Slow Down the Sale Process for Sellers
The primary purpose of a home inspection is to give buyers peace of mind that they are buying a home in good condition. Many times issues are found, and the inspection gives the buyer power to make better decisions. However, it can slow down the overall sale for sellers, and also drive up the costs.
Selling with HomeGo requires no inspection. Agents simply perform a fast walk-through to assess the home’s condition, without needing to get into the nitty-gritty of the home. This allows sellers to move out and move on quickly after a fast home sale for a fair price, without the risk of a home inspection. If you are looking to sell your home quickly and with minimal stress, consider a sale with HomeGo.