7 - What To Know About Your Home Inspection

Certified Mortgage Advisor
NMLS 1701021
Published 
November 24, 2019

Let's start your home inspection

So in a home inspection, what you're going to be doing is scheduling a time for an inspector to come out to the property. And they're going to help you look at the home and make sure that there's nothing wrong with the property. So they're going to check everything from electrical to plumbing, to the structural integrity of the property as well.

Not required but recommended

So some things to know about your home inspection it is not required, but it absolutely is recommended. Unless you have a history working on homes and knowing the inner workings of what goes into a house. You're probably going to want to hire an inspector.

Shows condition, not the value

Because what inspection does is it's going to show you condition, not the value of the property. The inspection is only to help you identify any issues with the condition of the property. That way you can ask for those repairs from the seller or, you know ahead of time before you purchase the home, complete and close on the house, if there are any larger issues with the property that you need to consider.

Paid up-front

So the inspection is normally paid up-front. It's usually around $500. It could be a little bit lower. It could be a little bit higher depending on who you go with. So it's an optional payment if you want to get an inspection, but it is going to run about $500 if you choose to do and your agent is going to be able to help you find reputable inspectors. You can also find one on your own. You're not limited to any inspectors by any means, but your real estate agent probably can give you a list of some good inspectors.

Timeline

So here's the timeline of where inspections fit in your contract. So let's start at day zero. This is when you first get your contract accepted. In your contract, it's going to spell out how long your inspection period is. The inspection period is the time that you have to be able to inspect the property and ask the seller for any repairs if you're going to do so normally. This looks like about 14 days in most contracts.

So in this period, what you'll do is you'll set up a time to have the inspection. Maybe you have the inspection on, let's say day five. Then what happens is you have the rest of this timeframe here to go ahead and work on a post-inspection agreement with the seller. So you'll talk with your realtor. Maybe you have some things that you want to be fixed after the inspections come back.

You requested from the seller and then the seller might agree, or they might counter on some things that they want to fix.

Don't forget the deadline

So keep in mind, that there is a deadline for when you can get out of a contract based on an inspection and when you can negotiate repairs. So you have to be within that window. Your realtor will make sure you meet that deadline. You can't just negotiate inspections up until the end of the contract. You only have a certain period to be able to do that. After that is when you order things like the appraisal, which the lender will take care of that for you, and then the rest until closing.

A home inspection is completely optional but absolutely recommended. You're going to pay for it upfront. It's going to be about $500 and your realtor is going to help you with your timeline window to make sure that you get the inspection done in your request for any repairs if needed.

Check the next step here: What To Expect With Your Appraisal - 8

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