Home Inspection 101 For The Home Buyer

Why is the home inspector the buyer’s best friend? In a real estate transaction, there are many parties involved with different interests. The buyer, the seller, the real estate agent, the mortgage broker, the appraiser, the attorney, the title company, the insurance company and the home inspector. The inspector and the buyer’s attorney are the buyer’s best friend because they help protect the buyer’s interests. A home inspector is hired by the buyer most often to inspect the house he/she is buying to offer a professional and unbiased report on the condition of the house. So what is at stake here for the buyer? The money he is going to pay for the house as well as the future money he is going to pay for the house plus his and his family’s health

How does they buyer choose a home inspector? What are the fees associated with a home inspection? Since a home inspection is so important, a buyer should choose a inspector carefully. A buyer should not choose a inspector just based on the fee he charges. Ask questions about what he is going to inspect and how long his inspections take and how quick his report will be ready. There are home inspectors who charge $100 to $150 flat fee inspections, but whose inspection takes 1/2 hour to 1 hour and those inspections are not as accurate or has the quality as those inspections which require more time and equipment. A good inspection of a house can take 3 to 4 hours at a fee of $500 dollars. This fee is minuscule compared to the price of the house.

When should a buyer get a inspection done? Never use the home inspector your real estate agent refer to you even if the agent represents the buyer. This is obvious because the success of the transaction hinges on the outcome of the inspection. Nor use the home inspection an attorney refers you. To get the most unbiased home inspector, pick one who is not related to the other parties of the transaction. You should get the inspection done before you go into contract.

When should a seller get a inspection done? A seller should get a inspection done before he list his home for sale with a real estate agent.

What does a home inspector inspect? A general home inspection is defined by different home inspection organizations. One of the largest home inspection organizations is NACHI. Membership with one of the home inspection organizations is a good sign the inspector is following some standards of practice when he does his inspections. Click on this link to view the InterNACHI Standards of Practice.

How does a inspection help the home buyer save money? The answer is an inspection will most likely reveal a defect with the house you are buying that would cost some money to fix in the future if you are going to buy the house. You can save some money here by bringing up all the defects the inspection report reveals up to the negotiation process before you sign the contract, make the earnest money deposit, or the deposit.