Here are the basics of what the home-inspection process looks like.
Today I want to talk about the home inspection and what follows right afterward. Once the buyer and seller have an agreement on a property, the next step is the home inspection. We always recommend that buyers get a professional home inspection when they buy a house.
A home inspection takes anywhere from three to five hours depending on how big the property is. After that, the inspector will send a list of the deficiencies they found to the buyer. The buyer and their agent need to go over that list and decide what items they want the seller to address.
Once they’ve decided on those repair requests, the buyer’s agent sends them over to the seller who then says which ones they’re willing to fix. There’s always some back and forth on this, but eventually, both sides agree to a finalized list of repairs.
There are a few ways to handle this final list. The easiest is for the seller to simply have them repaired. Another way is to get an estimate on the cost of the repair and then deduct that cost from the purchase price. However, sellers should be careful with that second method as the appraisal might require them to fix the issue anyway.
We’ll go over the appraisal in another video, but I hope this information has been helpful. If you have any questions or a specific topic you’d like me to cover in a future blog, call, email, or text me. I’d love to help with all your real estate needs.