What Home Inspections Mean for Buyers and Sellers

Most home buyers expect to have an inspection done once they are under contract to review the current condition of the home. Additional inspections can cover everything from radon and mold testing to wood boring insect inspections, to property dimensions, soil testing, floodplain, HOA management and much more.

Buyers benefit tremendously from attending  the inspection summary at the property. It’s important to ask clarifying questions to make sure the issue is major or minor and to have guidance on whether a specialist is needed for further evaluation.

Because most buyers will hire a home inspector as part of their due diligence, it’s a savvy move for a seller to have a home inspector prior to going on the market. Many contracts don’t close because a seller didn’t expect major issues to arise during the inspection. By being prepared, they can correct any defects, or pricing can be adjusted based on the accurate condition of the home if it will be sold “as is.”

It’s vitally important to hire high quality, experienced home inspector, for a buyer or seller. Not all inspectors are equal in knowledge or thoroughness, and other than the appraisal, it’s the most powerful tool both parties have in evaluating such a significant investment.

It’s worth noting that no house is perfect, including new construction. Even when the seller has an inspection and makes repairs, the buyer’s inspector will likely uncover a few more items that need attention.

Buyers should be prepared for the initial dismay of finding out their dream home may be flawed so that they can focus on the reality of the condition of the home. Major red flag items to be concerned about are items that are expensive to correct or will increase the cost of insurance if they are not updated. Your Realtor can provide referrals for obtaining bids for repairs, to create a proposal with a list of repairs, or a price concession for the seller to consider.

The buyer’s home inspection report will be useful beyond the closing of the home. It provides a list of major systems and approximate ages, plus it’s a great project list for smaller items to work on after closing. If your purchase includes a home warranty, it’s also proof of the condition of the home at closing, should you need to file a claim.

Both sellers and buyers can benefit tremendously from the assistance of a quality home inspector. Your Realtor is your go-to person for helping you find that perfect fit.