After the final acceptance of the Purchase Agreement is complete it’s time to schedule the home inspection. I recommend that weare both in attendance for the entire inspection process. It usually takes 3-4 hours and is well worth the time to insure that the purchase you are making is a sound one. The cost of the inspection is paid by you directly to the inspector on the day of the inspection. This fee is non refundable weather you move forward with the purchase of the home or choose to walk away based on theinspector’s findings.
A home inspection is not required but highly recommended. Think of it as cheap insurance. Home inspections should be done using an experienced and certified home inspector. If the inspector finds something of concern it can be discussed with the inspector and a determination can be made if the issue can be remedied or not. After the inspection you can negotiate remedies to any issues with the sellers and their agent. For instance a small examplemay be that you find a window that is broken. You can negotiate that the window be replaced prior to closing. A bigger example would be a cracked foundation or a mold issue. If the problem is so large or too costly to address, you can cancel your offer without a monetary penalty to you. The seller can also agree to remedy all issues found during the inspection. Once completed to your satisfaction the inspection contingency is removed and the process moves forward.
My next post in this series will talk about all the things you can be doing while you wait to close.
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