Home Inspection – Don't Waive Your Rights

You’ve found your dream house, the contract is signed, and the clock is running.  The last thing you need is another expense right?  Well, expense or not a home inspection by a qualified professional Home Inspector is a must.  Saying no to this part of your real estate transaction is equivalent to waiving your rights.  If for example, you find after you’ve moved in that there is a dry rot problem.  If you’ve waived your inspection, you have no recourse but to have the damage fixed yourself.

If you are handy with repairs or you know someone who is, this is not the time for do-it-yourself.  A professional licensed and bonded home inspector is what you need.  They have been trained and know what to look for, a licensed inspector can spot trouble with ease, and will give you a very detailed report of his/her findings.

So how do you find an inspector, ask your agent.  Your agent should be able to give you the names and contact information for at least 3 inspectors.  A bit of telephone work on your part will have an inspector hired and an appointment set up.

When it is time for your inspection, don’t just leave it to the inspector and your agent, plan to be there.  Follow the inspector through the house.  Ask questions, let them know you are interested in your new home and taking care of it.  Inspectors have a wealth of knowledge, and are usually very open to answering questions — you may want to wait until he/she’s crawled out from under the kitchen sink, or has seemed to complete the task — before you ask.

In a day or two of the inspection, you will receive an inspection report.  Have your agent go over this with you.  In it there will be a list of problems or potential problems that need to be corrected.  At this time you will need to make a decision;

1. Terminate the sale – if there is major damage you may want to send an addendum to the seller letting them know that the home failed your inspection and you are terminating the sale.
2. Request repair – If there are a few things that need to be repaired or replaced, you may want to notify the seller of the needed repairs and begin negotiations for getting those repairs taken care of.
3. Accept the inspection and proceed to closing – If there are no problems or damage or if the damage is slight and easily taken care of with little expense, you can let the seller know that the home inspection is satisfied and you are proceeding to close.
4. Request additional inspection and extend inspection time frames – if the inspector suggest an independent inspection for pests, mold, etc.  An addendum would be needed to advise the sellers that additional inspection(s) are needed and asking for an extension to your inspection time.

Unfortunately, there are many things that can and do happen to homes.  Some of it noticeable but many things are not.  An inspector, can find hidden problems, before you invest your hard earned money.  Just another way to protect yourself and your rights during the purchase of your new home.

Related posts:

1. You've Decided to Buy a Home
2. Do I need that Home Warranty?
3. Time is of the Essence
4. Signing the Contract
5. Shopping for a Real Estate Agent