Oct 27, 2020
Home Inspections 101
Once you've placed an offer on a home and it gets accepted, it's time to celebrate!
But that's not the only thing you need to do before the sale becomes final. There are a few key events that happen in between the accepted offer and closing, when you get the keys to your new home. One of those things is a home inspection.
What is a home inspection?
A home inspection is typically completed soon after your offer on a home is accepted by the seller. A trained professional takes a thorough look at the structure, mechanics, and systems of your new home to ensure that it is sound.
Mortgage lenders like to be sure that a property they are going to fund is going to literally and figuratively still be standing throughout the duration of your loan term. It's also a great benefit for you as a buyer to learn about any issues you may not have known about on your house tour and to be prepared for repair expenses that are likely to come in the next few years.
Are inspections always necessary?
While the majority of home sales do require an inspection, that's not the case for every single sale. New homes may not be required to have an inspection, or your lender may require that only a partial inspection of specific systems is completed. To get a feel for what your lender will require, be sure to let them know the type of property you are looking at and the year it was built.
How to find an inspector
Most real estate agents will have a list of home inspectors that they've worked with in the past, but if you have a friend or family member who has recently been through a home sale, they might also have an inspector to recommend for you. Ultimately, the decision on who to use is yours and yours alone. If you haven't received a referral, be sure to take a thorough look at online reviews to make sure that previous customers of the inspection company have been happy with the inspection they've received.
How a home inspection works
All good inspections are completed based off a checklist of specific things throughout the home that your inspector will look for. An inspection will typically take an hour to an hour and a half. Things like your roof, HVAC, electrical systems, and even cosmetics of the home will be inspected. As the future homeowner, you may be able to speak with the inspector after he or she has completed their work. Either way, you will receive a report from the inspector that details everything that he or she found on the property.
In some cases, it might be a good idea to request additional inspections beyond what is standard in your area. Some of these non-standard inspections include, but are not limited to, mold testing, radon testing, septic inspections, and pest inspections. Talking with your lender and your realtor will help you determine what inspections are right for you.
Asking seller for repairs
After you have received the report from your inspector, you and your realtor have the ability to write up a list of repair requests for the home sellers. They then have a short window of time to approve the repairs or offer you money towards the cost of completing them. Depending on the answer from your home sellers, you have the option to either proceed with the sale or not.
Are you planning to buy a new home soon? Our realtors at Orizon Real Estate can help you make the process easy - from searching for your new home to closure and all things in between, including home inspections. Call us at 260-248-8961 to meet with a realtor and get started.