Handling Home Inspections During the Buying Process
It's no secret that today, home inspections have become a "must" in the real estate process. It may look like a dream home, but sometimes there are hidden characteristics that are vital to consider before signing on the dotted line. Key to protecting your budget, home inspections find what the naked eye can't, and can set your (and the seller's) expectations as to the cost and timing of when you can expect that cost can be incurred.
What to Expect During a Home Inspection
Once your professional, licensed home inspector is on the premises, he or she will review the major, visible and accessible components of the home and provide a detailed written report rating each element. The report should objectively include information in a detailed manner (sometimes even photos or charts) that allows you to make informed decisions.
After speaking with the home inspection professional and hearing your prospective home's report card, it's time to make some decisions. Were the details relatively acceptable? If you're shaking your head because the inspection resulted in a costly item, don't freak out just yet. Instead, have your REALTOR request an extension of your contingency or objection period to take some of the pressure off while you collect more information. Follow these steps in order to help avoid panic:
With so many homes on the market today, your first instinct might be to think it's easier to just move on to the next property. However, if you take the time to properly review your overall situation, including any credits, repairs or price reduction agreed to by the seller, you'll be able to better gauge the right decision for both you and your wallet, all while keeping your cool.