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A Thorough Well-Done Home Inspection Is Integral to Any Real Estate Transaction
by Lee Traupel
Founder & Digital Strategist with Linked Media Group
As the housing market across the U.S. recovers from free fall, buyers and sellers are getting reacquainted with the intricacies of the modern home inspection.
It's one of the most important aspects on any real estate transaction, especially for the buyer - approximately 95 percent of all real estate transactions include a home inspection, with the buyer covering the costs.
It's not a significant cost vs. what you are paying for a home, typically $250-1,000. for a 2,500 square foot home, depending on the size of the home. the location and other factors.
One of the biggest issues impacting the process is of course perspective; i.e. reports that have too much detail, leaving you confused and unable to deduce what's critical and what isn't, or, an inspector missing something that could be detrimental to the quality of the home you're buying.
That's not to point fingers at the home inspection industry. In their defense, the process is somewhat limited, non invasive and almost all home inspectors are well trained, licensed professionals.
But speaking of regulations, only about two thirds of the states have regulations and the actual rules and regulations and how they are enforced are all over the map.
But, for many, you have little if any referenced points when reading a report, other than working closely with your realtor. And, some realtors believe the inspectors can be at times a bit over zealous.
Unfortunately, in some red hot real estate markets like San Francisco, a few buyers are waiving a home inspection to add value to their offer. That is never a good idea, you are leaving yourself open to much more downstream risk.
Don't wave home inspection, and know your relationship with the individual or firm is important and strategic to the buying process.
Critical Issues You Should Be Aware of
Like everything else in life, quality and cheap are never the same thing. Far too many buyers choose the lowest cost provider in their area; or just go with whoever their realtor recommends.
Unfortunately, too many buyers just go with the cheapest inspection company or the one recommended by their realtor.
In many cases the lower cost firm or individual may have the least experience and you are putting your significant investment at risk.
If you get a referral from your realtor, ask for 2-3 recommendations and then take time to phone screen or interview them in person.
Chemistry is important, as is their ability to separate what's minor from major issues you need to be aware of.
You want a thorough home inspection done and should ask the inspector about their process (the devil is in the details) and also understand if they are licensed and accredited.
You don't need an software programmer for this type of job; but, you want someone who is technical and can provide you with images and digital format will help you do a deeper dive and review with others. If 'fax" comes up in the conversation, it's a pass.
New home construction should be treated like any other home purchase, with a home inspection. Never assume just because a home has "passed" all local ordinances and building codes everything is copacetic.
A home inspector is a trusted ally in a newly constructed home too and again, you're investing money that may prevent a lot of heartaches downstream.
Always make the time to go along on the home inspection and if this is a "show stopper" for the initial inspection then ask for a follow up walk through.
A written report, even in digital format with pictures and even drone enhanced video is just not the same as a walk through.
You have no opportunity to pause the inspection in process and ask questions (take notes of course) and take your phone and shoot video for reference points if need be.
A good, experienced "battle scarred' home inspector, individual or larger company, is a tremendous resource and they are going to give you an unbiased assessment of minor and major issues that may impact whether or not you want to buy the house.
if your realtor wants to go along for the ride that's probably going to help you garner more insight. But, you should be in the proverbial driver's seat, not a realtor. It's your home.
Be aware, in this world of vested interests, your home inspector and the seller's realtor may have an established relationship. We live in an age of "diplomacy" and quid pro quo and pressure can be brought to bear from a party with a vested interest.
And, in some cases if a home inspector kills too many deals they may not make an agent's short list.
That's not to say all agents are like this; most are not. But, "funny" things happen in life where love and money are concerned and not all the better for all parties. #perspective #foodforthought
Ignoring the inspector's recommendations can be costly. Don't put these off until later, even if you don't think they have any significant impact on the quality of the home; or, your ability to enjoy it.
Get obvious defects fixed prior to closing the deal and know you have leverage with the buyer prior to a closed transaction. Lawsuits are expensive and time consuming, even if you prevail.
Get 2-3 estimates for the repairs and talk to your inspector about these; if that's over lunch, it may be the best money you ever spent.
Inspectors cannot "future proof" your investment.
That ten year old AC system may be on its last legs and fail the first summer after you bought the home. Or, not.
But, don't think your inspector will be able to map all this out for you. That's not reasonable or doable.
Always remember the home inspector has no vested interest in the buying process - their income is not connected to the transaction.
You are paying them for an inspection, that's it. They should always be Swiss "neutral."
Date : 5/11/2015