Congratulations on buying your first home after probably weeks and even months of shopping around for the perfect one. But this now puts you in one of the most crucial times of the entire real estate transaction; it could even be a deal breaker. This is the property inspection. It is one of the most important aspects of the real estate buying process, but inexperienced buyers are often in the dark about what to expect, so here’s a quick roundup.
You probably should have already researched as much as possible about the property before getting to this point. First, you should examine the seller’s property disclosures and compose a list of questions for the inspector. There may be issues that may arise during the walk-through or the marketing process that might’ve concerned you. Or the seller may have revealed that there was some unauthorized work done to a certain part of the home.
The inspection may take a few hours; so make sure you set your schedule accordingly and expect to see everyone involved in the transaction in attendance. Generally, all inspections run smoothly, but some may involve tough investigations.
The Listing Agent
In most cases the seller will not be present for the inspection process but his/her listing agent is the eyes and ears of the seller and will inform them on the results of the inspection. Property inspection is one of the last hurdles for the seller and listing agent, and one that could affect the sale of the home. This is why it is highly recommended that sellers really should thoroughly prepare for property inspection process even before the home is listed for sale.
The Buyer’s Agent
Your agent will be present to ensure you are informed about all aspects of the inspection process and experienced agents are well aware of the entire process. They know what issues to address, and if you’re getting an unrivalled deal on the home, they will most likely advice you to take care of the small fixes yourself and not bother the seller. If you’re paying top dollar for the property and some serious issues come to light, your agent will be in the best position to address them after the inspection.
The buyer always pays for the services of a state licensed property inspector, most often referred to by their realtor. An inspector will point out all the issues as a professional and will not get into the financial part of your deal.
The inspector will examine the home thoroughly, make detailed notes and provide you with a report on things that need to be addressed. Although the property inspector knows what he or she is doing, accompany them wherever they go, to the basement and even the roof. This will help you also make notes about the property in real time so you do not forget to bring up the issue during the final negotiations.
Too Many Cooks Spoil The Soup
Having less number of people from your side is good idea. Your relative or uncle may end up bringing up several negative things about the property, but the inspector is there to determine these issues and provide you with a report. After the property inspection, you and your agent will likely speak about the steps to take as a result of the inspection, and if it’s all good, you can be on your way to choosing your new furnishings.