The Home Buying Process: Scheduling An Inspection
A home inspection is not only a vital part of the home-buying process, but it's also a great way to protect your investment. A professional inspector has to go through different licensing procedures depending on the state. They get paid to thoroughly review the house from top to bottom, looking for any type of structural, mechanical or electrical flaws. The inspection is a non-invasive examination of the property designed to reveal issues with the house that may have otherwise gone unnoticed.
It is also important to note that some states require disclosures, even though best practices dictate that they are always disclosed. A disclosure is when the seller reveals certain histories about the property which may present a hazard in the future to the property, the homeowners, or their investment. Ideally, buyers should ask for disclosures and get them up front before the inspection process. It allows the inspector to conduct a more thorough inspection and look for specific issues which may have been previously covered up.
Your Own Unofficial Inspection
Before you pay for a professional inspection, ensure that you are serious about possibly purchasing this property. Take the time to walk through the structure looking carefully at things like crown molding and baseboard to ensure that the wall is not pulling away in any areas. Look for sloping floors and water damage around windows as these may be indications of bigger structural issues. You'll also want to walk around the property and look at the roof and the facia for apparent damage. A house can be dressed up to look nice, but if you see hints of major issues, you may not need to spend money on an extensive inspection or even put an offer in on the house.
About Your Inspection
Most often, the prospective buyer schedules and pays for a home inspection. However, your offer should be contingent upon its completion, meaning if anything substantial is found you can walk away from the deal. It can range from $300 to $500 depending on your location and choice of inspector. Of course, you want to make intelligent financial decisions, but a home inspector is one place you should splurge. You want someone who will be thorough and take at least a few hours going through absolutely everything. You don't want to use an inspector who is in a hurry to get on to their next engagement. It is a good idea to be present at the inspection, so you can learn about the property and its maintenance.
Scheduling Your Inspection
Typically, a home inspection is scheduled right after the seller accepts your offer. You can ask your agent if they can recommend a good inspector or look online to find one in your area. You'll also want to call your lender as soon as you schedule the inspection, so they can start the underwriting process. They will need to schedule an appraisal before closing, but you want to have the inspection done first.
Once the inspection is completed, your inspector will review his findings with you and will also give you a copy of the report. The survey typically reveals small items which you can ask the seller to rectify before closing. All houses show their age as time passes, and things just need to be fixed. The inspector may not find anything, but if he does, it isn't always a big deal.