Benefits of Home Inspection

For the majority of people, a home purchase is the most substantial and important financial obligation they will ever take on in their lifetime. It makes perfect sense that home buyers guard their financial commitment by investing in a well-done home inspection. When purchasing a new property, home inspection is essential for your own protection. While conducting the inspection, an inspector will tour the home systematically and methodically in order to assess its physical condition. One important aspect to remember about home inspections and buying a home is that it is very important to make your offer on a property contingent on the results of the home inspection. This means that if the inspection uncovers some major problems with the property, you can withdraw your offer without penalty. This is the purpose of doing home inspections.

The Inspection Procedure: What to Expect

While conducting a home inspection, the inspector will take a thorough and meticulous look at the property to assess its physical condition–but be aware that this is very distinct from an appraisal which is required by the bank giving the mortgage. The home inspector will be able to explain to you all about what kind of shape the property is in, but will not provide you with an estimate of its value.

During the inspection process, the inspector will study everything in the home and assess the condition of its structure, construction, plumbing, electrical systems and other parts of the home, to identify whether any structures or systems require repair or even replacement immediately or in the near future. The inspector will determine as well the longevity of the home and things like the furnace, air conditioning system and any appliances that come with the house, taking into account the structural features and electrical, plumbing and other systems, and determine how much functional life each feature has remaining. A home inspection will generally take at least two hours, but of course this depends on the size of the home. Typically, you might expect an inspection to take around an hour for every thousand square feet of property. Once the inspection is complete, you should receive a written report of the inspector’s discoveries within seven days.

Crucial Questions to Ask a Home Inspector

Before you hire a home inspector, it is prudent to ask important questions to make sure you are getting an inspector you can rely on to carry out a thorough inspection of your prospective property.

-What does the inspection include?
-How many inspections have you done, and how long have you been an inspector?
-Are you a veteran residential inspector?
-Are you a member of any state or national associations?
-How long will the inspection take to be accomplished?
-What do you charge?
-How quickly will the inspection report be available to me after the inspection is complete?
-Will I be allowed to attend the inspection?

These are all significant questions to help make sure that your inspector has the experience needed to thoroughly investigate the property which may become your home. Be sure to ask if you may attend the inspection–a negative response from the home inspector is definitely a negative sign, and attending the inspection is a great chance to learn about your likely new home, from an expert. They can show you things and you can ask questions on things that might be unclear from just a written report.

Author Lee Bell. Take a look at Tramonto scenic home for sale in Phoenix, AZ. You may want to browse Valencia homes for sale in Chandler. Consider Troon Village condos for sale. (Source)

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So You Want To Back Out of The Sale

The buyer offered everything you asked for. So the wheels are in motion to close the sale. But all at once a wave of “seller’s remorse” flows over you. You realize that you really don’t want to sell the property. What can you do? And if you do back out of the sale, what are the possible repercussions?

Contrary to popular belief, a seller never has to accept an offer presented – – even if it’s for exactly what you told the agent you wanted. (The seller might be responsible for paying the agent’s commission, however, depending on how the listing was written. This is because the agent has done what he set out to do – – to provide the seller with a “ready, willing and able buyer.”)

Secondly, while “seller’s remorse” may not occur as often as buyer’s remorse, it does occur. It often happens when the seller realizes how tedious it will be to find another home and to move there and then estimates the potential costs involved in both. Just as buyers with second thoughts need to rehash why they wanted to purchase a particular property, sellers need to remember their initial reasons for selling, then consider not only the time, effort and money already expended in the selling effort but also the downside of not following through with closing – – including the possibility of legal action by the buyer.

What legal recourse would a buyer have against a seller who backed out on selling his property? That depends on how the purchase and sale agreement is written. For example, the agreement might state that upon any default, the defaulting party would forfeit the right to any earnest money and/or down payment (paid or received) and that the aggrieved party could seek legal remedies. Although not too common, a buyer could petition the court to force the sale of the property (a “specific performance” suit); perhaps the buyer could seek compensation for damages if he had expended money in anticipation of closing on the property. For the seller who declines to sell, a bottom-line, worst-case scenario might include: the buyer could sue the seller; the seller would perhaps need to pay legal costs to defend himself; and the seller could be required to pay the sales commission – – all without the benefit of proceeds from the sale.

If you’re a seller who’s considering bailing out, the first person to call is the real estate practitioner involved in the sale. The call is recommended – – not so the broker or associate can talk you out of it – – but because he may have late-breaking and pertinent information that could impact your decision and its consequences. Perhaps the buyer just found out that the financing he needs is much more expensive than he expected, that his job transfer has not yet been approved; perhaps the buyer himself is suffering a simultaneous case of “cold feet.”

Just as gathering information was important before you accepted the buyer’s offer, it’s equally important to check and recheck the facts before making the crucial decision to call the sale quits.

Don’t forget that if you do back out of the sale, it doesn’t necessarily mean that you can jump quickly back into the sales arena on your own and without consequence. The listing agreement you signed previously will dictate the time period during which you’ll be liable for the sales associate’s commission. This provision is included to deter sellers from trying to become for-sale-by-owners late in the process in order to avoid paying the sales commission.

Copyright© 2002, Julie Garton-Good. All right reserved. For information contact FrogPond at 800.704.FROG(3764) or email susie at susie@FrogPond.com.

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