The utterly fascinating world of inspections!

| Thursday, April 20th, 2017 | 2 Comments »

rsz_inspectionsOK, the fact is that inspections aren’t that glittery. And maybe not fascinating. But what they sure can be is eye opening, helpful and — if you’re lucky — uneventful and boring!  And a good deal less invasive than, say, having the TSA screener unload your entire carry-on in public because you packed a full-size bottle of shampoo. Not that I would EVER do that (ahem).

Traditionally inspections are paid for by the buyer after the offer is accepted. It’s usually done by a licensed inspector who spends about 2-3 hours going through the home to perform a visual inspection of the home’s major components. Afterwards the buyer can either ask the seller to repair things that were found during an inspection or they can ask for a credit to fix the items on their own after closing. If there are major red flags that come up during an inspection the buyer may choose to terminate their offer and move on. If all goes well and nothing major is discovered it’s a win-win for both buyer and seller.

In a non-traditional market like ours — meaning houses are sometimes selling in a matter of hours — an inspection may not be feasible for number of reasons. For one, there isn’t always time to coordinate an inspector. Secondly, when there are multiple offers, a seller will likely see offers with inspection contingencies as less desirable. No inspection to the seller means there isn’t the risk of added repairs, cost or time. However, to a buyer it means giving up an opportunity to find out information about the home, both good and bad. So what’s a possible better alternative? Introducing the pre-inspection:

The pre-inspection is an abbreviated inspection that can be done by the buyer before making an offer. It’s less expensive and not as comprehensive but certainly better than foregoing an inspection. It gives the buyer an opportunity to “kick the tires” before writing the big check, and sellers get assurance that the buyer is not going to further negotiate price, ask them to make repairs or terminate the offer down the road. The best practice for buyers is to have a licensed inspector perform a thorough inspection but in this market that is not always possible. Having a pre-inspection can be the next best thing!

For more riveting information about inspections don’t hesitate to contact me! Or if you or someone you know is looking to buy or sell I’d love to help!

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2 Comments

  1. Claire Dingle says:

    Good information to know Thanks!

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