THE TEST: YOUR INSPECTOR KNOWS THE RESULTS
Remember that Option Fee? This is where it comes into play. It is used to “pay” the seller for taking the property off the market while you have an inspection conducted on your behalf, and as such, it’s a cheap price to pay. A typical option period is 7 to 10 days after the contract is finalized (or “executed”). This money goes directly to the seller and is not refundable. It may be applied towards the purchase price if so designated in the contract.
There are three big items to look out for when purchasing a new home. These are the roof, the foundation, and the HVAC (heating, ventilation and air conditioning). These are also some of the most expensive systems in a home.
If you’re buying a new home, you expect the inspector to be unable to find any problems. Believe it or not, an inspector will almost always find something wrong – even with a brand new home. This is what inspectors are for, and they’re pretty good at it. Usually builders will agree to rectify any problems noted by your inspector.
With resale properties there’s a large grey area between buyer and seller expectations. Building codes change on a regular basis, and structures typically comply with the codes that were in effect when the structure was built. If you’re buying a resale property, chances are that those building codes have changed since the property was built. The inspector will note anything he finds in the property that does not comply with today’s code – meaning that resale inspections are almost never “clean”. It’s up to the buyer to decide which code discrepancies he or she can live with, and it’s up to the seller to decide which upgrades he or she is willing to pay for. Fun, huh?
During the option period, negotiations can be conducted to resolve problems found during the home inspection. If agreement can’t be reached, the buyer can terminate the contract with no penalty other than the money spent on the Option Fee and Inspector. We will guide and help you through this process.
Here are some typical items noted on inspection reports in no particular order. Maybe you’ll be able to add some of your own.
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