The Buyers Inspection When Selling Your Home15 May Monica Breckenridge
The buyer has the right to do an inspection on your house to make sure the home meets their standards and is in safe and satisfactory condition. Usually within seven days, there will be an inspection on your house. It is advised that you leave the home during this inspection.
There are several different types of inspection. There is a general home inspection where the inspector checks out the whole house. There is also an inspection for specialty items, such as radon, termites, well and septic, sewer and engineering. The buyers have the right to terminate the contract if the inspection does not meet their standards. A buyer can also write up an Inspection Objection. The inspection objection requests that certain items be fixed before the buyer will pursue purchasing your home. If this happens, we go back into negotiations regarding these items. We do our best to find out which items are most important to the buyers. The last thing we want is for the buyer to terminate the contract because we cannot come to a resolution on this issue. If you do not have money to fix the repairs, a contractor can do the repairs and be paid at closing. Another option is to reduce the purchase price. Once we get to a resolution on the inspection, we draft up an Inspection Resolution.
The buyer's lender may also require their own inspection of the property. I've seen this happen on flip properties where an investor only owned the home for 30 days and it reselling for a profit. If the buyers lender does an inspection they may require their own items to be repaired prior to closing. This means if the items aren't done then the buyers can't get their loan.
If you agreed to make repairs to the property, these repairs will need to be done no later than two days prior to closing. We will also need to provide receipts to the buyer to show the work was completed.
There are several different types of inspection you can do. There is a general home inspection where the inspector checks out the whole house. The primary inspection costs anywhere from $150-$300. You also have the option to do more specialized inspections for specialty items, such as radon, termites, well and septic, sewer and engineering, etc.
Specialized Home Inspections That The Buyer May Do:
-Sewer (Highly Recommended if the home is older and has big tree's. If a sewer line needs to be replaced this could costs over $10,000. This cost is not covered by homeowners insurance)
-Polybutylene plumbing materials
-Well (including flow rate, capacity, depth, recovery rate, suitability to Buyer’s needs, exempt status such as household or domestic, water quality, potability, location on property, etc.)
-Septic (including useful life of system, capacity and suitability for size of house, pumping needs, location on property, etc)
-Leach field (including adequacy, location on property, etc.)
-Survey/ILC, water quality and soils matter/soil testing - We highly recommend an ILC or Survey if you are planning to build any structures on your lot.
-Foundation, drainage, insulation and other structural components
-Gas, electrical and wood-burning fireplaces (including chimney and flue)
-French drains and other drainage systems on and around the property
-Environmental issues (such as the presence of mold, radon gas, lead-based paint, asbestos, petroleum products, methamphetamine and/or byproducts from the production of methamphetamine, and any microbial, moisture and/or other allergen issues)
-Termites, bugs and other infestations on the property
-Presence of any pet urination and/or defacations
-Building, zoning and allowed use regulations
-Impact of air traffic
The Buyer has the Right to Investigate the Structure and Lot:
-Check age, square footage, lot lines, ILC and surveys for the property as listed in County records.
-Secure and examine the Seller’s Property disclosure for any specific items concerning the structure and lot.
-Additionally, Buyer is advised to consult with their local Regional Building Department and/or a qualified, licensed contractor to evaluate the status of permits pulled for work completed on the property and the possibility that work may have been completed without required permits pulled.
The Buyer has the Right to Review the Neighborhood and Surrounding Areas:
-Reviewing the Homeowners Association (HOA) documents (where applicable) to study and examine any regulations and covenant restrictions.
-Evaluating and researching the schools in the area
-Inquiring into the availability of cable, satellite and high speed Internet service providers.
-Looking at crime statistics and conducting a sex offender search for the area.
-Contacting the local planning authority to inquire about future development plans for the area.
-Looking at what amenities you may have access to in the surrounding area, including access to fire and police departments, shopping, recreation areas, food and entertainment, and public transportation.
The Buyer Can Look at these other Additional Inspection Considerations
In addition to what has been outlined previously, the following is a further non-exhaustive list of other items you may want to consider as you evaluate your home purchase:
-property taxes for the property and any special District obligations
-utilities that may be necessary for the property
-checking all appliances (including getting serial numbers) that are purchased with the property for its age, proper function, warranty and whether any are on any recall sites
-whether you should request “gap insurance” on the Title Policy
-obtaining a Comprehensive Loss Underwriting Exchange (CLUE) Report to obtain information regarding property claims history
-contacting the Environmental Protection Agency (EPA) to inquire about such things as high power lines, underground storage tanks, placement in a floodplain, and any issues with noise, air waste, water/water quality and/or light pollution
-possibility of landslide and settling issues
-Possibility of being in a flood zone
-Purchasing a Home Warranty on the purchased property