Buyers Home Inspection
Inspections are designed to help the buyer understand the overall condition of a property, potentially saving them considerable time with the purchase process and hundreds or thousands of dollars in repairs. Below are the most common inspections recommended by real estate professionals:
Standard Home Inspection – The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and vary from jurisdiction to jurisdiction. In some cases homes can be sold “as-is” even though an inspection may take place.
Termite Inspection – A termite inspector will inspect the property for the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) and conducive conditions that exist. Inspection requirements vary by state.
COMMON HOME REPAIRS
- Common Repairs Needed After A Home Inspection: What Must Sellers Fix?
If you’re selling your home, you might wonder if there are common repairs needed after a home inspection. Most buyers, after all, won’t commit to purchasing a place until it’s been thoroughly vetted by a home inspector—and rest assured, if there are problems, this professional will find them!
So if your home inspection turns up flaws that your home buyer wants fixed, what then? To be sure, repair requests after an inspection are a hassle, and liable to cut into your profits. So for starters, make sure to read your contract carefully to make sure you don’t get locked into repairing something you don’t want to fix.
You should never sign a contract until you fully understand its obligations, particularly where it concerns your responsibility for repairs. And rest assured, there’s no need for you to fix everything a home inspector thinks could stand for improvement; a home inspection report is not a to-do list.
Basically repairs fall into three categories: ones that are pretty much required, ones that typically aren’t required, and ones that are up for debate. Here’s how to know which is which.
- Common Repairs Required After A Home Inspection
There are some repairs that will be required by lenders before they will release funds to finance a buyer’s home purchase. Typically these address structural defects, building code violations, or safety issues.
If a home inspection reveals such problems, odds are you’re responsible for fixing them. Start by getting some bids from contractors to see how much the repairs will cost. From there, you can fix these problems or—the more expedient route—offer the buyers a repair credit so they can pay for the repairs themselves. This might be preferable since you won’t have to oversee the process; you can move out and move on with your life.
- Home Inspection Repairs That Aren’t Required
Cosmetic issues and normal wear and tear usually don’t have to be fixed.
Some contracts will expressly state that the buyers cannot request any cosmetic repairs to be made and can only ask for fixes to structural defects, building code violations, or safety issues. State laws may also impact your liability as a seller for any issues uncovered during an inspection.
Be sure to check your local ordinances to know which fix-its legally fall in your realm of responsibility.
- Home Inspection Repairs That Are Negotiable
Between repairs that are typically required and those that aren’t is a whole gray area of repairs that are up for grabs. How you handle those depends in part on the market you’re in. If you’re in a hot seller’s market, you have more power to call the shots.
While buyers are always advised to have a home inspection so they know what they are buying, when there are a limited number of homes for sale and buyers need to compete for homes, they are more likely to waive their right to ask a seller to make repairs.
However, in a normal market, you won’t be able to draw such a hard and fast line. Work with your real estate agent to understand what items you should tackle and where you might want to push back.
You’ll want to be reasonable—after all, you’ve already put a lot of time into the selling process, and it’s likely in your best interest to accommodate some repairs rather than allowing the buyer to walk away. Also, depending on the magnitude of the requested repair, it’s not likely to go away. Now that it’s been uncovered, you’ll need to disclose the issue to the next buyer.