What You Need To Know About The Home Inspection Process

Congratulations on finding a house!

You now have only a few days from when you signed the purchase and sales agreement to have a home inspection.

Chances are your real estate agent made the offer contingent upon a satisfactorily home inspection and obtaining mortgage financing.

What Is A Home Inspection?

According to Wikipedia, a home inspection “is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. This is usually conducted by a home inspector who has the training and certifications to perform such inspections.

The inspector prepares a written report, often using home inspection software, and delivers it to a client, typically the home buyer.

The buyer uses the knowledge gained from the home inspection to make informed decisions about their pending real estate purchase.

The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components”.

It is not the job of the home inspector to estimate market value or to let you know you got a good deal on the price of the home. This is done typically through an appraiser.

Why Have A Home Inspection?

Buying a home is the single most expensive investment many of us will ever make.

A home inspection is designed to provide the home buyer with the information they need to make a more informed decision about the property.

The home inspection report should clearly identify any potential significant defects, and give the home buyer a realistic estimate of the costs of repairs so that they can be negotiated in an updated purchase contract.   An inspection should also highlight any areas or features that need to be addressed in the near future which may be reaching the end of their useful life span.

What Do Home Inspections Cost?

The home buyer generally has to pay for the inspection up front, but there may be an agreement in the purchase contract for the seller to reimburse those fees at the time of closing.

Home inspection fees vary from state to state. An estimated cost of a home inspection is around $250-$400, depending on what services have been selected, as well as where the house is located.

In addition to the general home inspection, there are many common services that home buyers also choose to have preformed when having a home inspection. These additional services are not typically included in the general home inspection fee.

Optional Home Inspection Services:

  • Wood destroying pests
  • Radon gas
  • Lead base paint (homes built before 1978)
  • Asbestos
  • Carbon monoxide
  • Pools, spas, barns, or other external structures
  • Docks and sea walls
  • Underground sprinkler systems
  • Septic

Once the inspection is completed, the buyer generally has seven days to put in writing the “request for repairs” required by the seller to make prior to taking possession of the home.

The sellers may not be obligated to make every repair, so make sure you read the purchase and sales contract carefully to make sure the agreement does not state that the home may be sold in “as is” condition.

The Home Inspection Process:

A home inspection should include examination of all major systems, including the plumbing, heating, air conditioning, electrical, and appliance systems.

The home inspector will also look at the structural components, such as the roof, foundation, basement, exterior and interior walls, chimney, doors, and windows.

It is recommended that the home buyer and/or representing buyer’s agent be present at the time of the home inspection.

A typical home inspection can take between 1 ½ hours to 3 hours, depending on the size and condition of the home.

Remember you are paying for the home inspection. Follow the home inspector around and ask questions about the condition of your home and how to maintain it.

The attached link will help give you a better idea of what happens during a home inspection provided by the American Society of Home Inspector’s visual home inspection demonstration video. CLICK HERE FOR VIDEO


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March 28, 2010 by · Leave a Comment

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About Allen

Allen is President and Founder of First Trust Mortgage, a family owned, 15 year old, mortgage planning firm in Fort Lauderdale, Florida. First Trust Mortgage was founded in 1996 and provides residential mortgages in Florida. Allen's vision for First Trust Mortgage was based on two principles. First was to help his clients make informed decisions regarding residential mortgages. Second was to build long lasting relationships with his clients and referral partners. Over the past 5 years Allen has concentrated his education and efforts in the area of managing Real Estate equity through mortgage planning. Allen was one of the first certified mortgage planning specialists in the State of Florida and is a regular guest of Steve Pomegranate's "On The Money" radio program on NPR and Ray West's "Talk About Money" radio program on WAFG. Allen also teaches continuing education classes to certified financial planners and insurance professionals around the subject of managing equity in real estate. Allen graduated from the Pennsylvania State University in 1983. Allen has been lending in Florida since 1985 when he joined Great Western Bank (Washington Mutual) managing the company's Florida Commercial Real Estate Mortgage operation. In 1996 /1997 Great Western Bank was sold to Washington Mutual and Allen formed First Trust Mortgage Corporation. In 2003 Allen focused his practice on Strategic Real Estate Equity Management and is considered to be an expert on that topic. Allen practices personally the concepts he shares with the clients, peers and financial service providers. Allen exclusively participates in the residential mortgage industry and has purposely chosen to hold no other licenses even though he has participated and passed the class requirement for the Florida Real Estate Commission, Florida Mortgage Broker, Health, Life & Variable annuities license. Specialties Helping Consumers, Realtors and Financial Service Professionals Keep Current On Mortgage Trends and Provide Mortgage Solutions As Needed. In Addition I Love To Educate Seniors On The Use of Reverse Mortgages and First Time Homebuyers On How Much Payment Is Enough.

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