I tell all my clients when buying; we are looking for one of two outcomes from an inspection.
Outcome 1.) We do not discover any major issues that we were not already aware of, however the inspection will have clearly outline all the small deficiencies in the building that would take you a year to discover. For example the scratches, chips, “broken this,” “loose that” and so forth; you will then be in a position to accept it or not more forward.
Outcome 2.) We discover major issues that were not disclosed to us, or we discover things that are not conforming to what we have been told. You will then be in a position to walk away from the accepted contract or re-negotiate a different purchase price if all parties agree.
Following are five common mistakes that can be avoided, if you follow these rules when you get a home inspected.
1.) ALWAYS get a newly constructed home inspected. Don’t assume your builder or contractors haven’t made mistakes just because you are buying new, and the home has passed all local codes and ordinances. A good inspector will catch any problems or issues. The other very valuable factor when you get an inspection of a brand new home is that the items your inspector finds can be brought up in your deficiency tour and corrected under the builders warranty.
2.) Choose the best inspector you can; he/she should be knowledgeable, trustworthy and thorough. Don’t hire based exclusively on fees, or someone simply because that is the one name you got from a friend. Often those with the least experience and technical knowledge will cost less; so, be wary. Ask for several names, so you can interview them and make the right choice. Accreditation, licensing, credentials, professional experience, whether the inspector carries Errors and Omissions (E & O) insurance, and your comfort level should be determining factors.
3.) Attend the inspection—at least the last part of it. A written report doesn’t reveal everything. Sometimes minor problems can be overemphasized or major problems, disastrously underemphasized. Also, ask questions and listen when the inspector gives his/her opinion of the house. A great report has clear details of how everything is performing and has clear pictures to support the key issues.
4.) Follow up on issues discovered by the inspector before the closing. You might not realize the cost to repair certain items, or the extent of necessary work. Although the inspector should not recommend a repair person, he/she might be able to shed light on the contractors’ suggestions.
5.) Don’t expect inspectors to predict specifics about when a particular aging component might fail. Their response would only be an educated guess. Because their income doesn’t hinge upon the property’s closing, unlike others, they are hired and paid by you to give you honest answers; so you can always count on them to be neutral.
Source: Roland Kym & August 24th, 2011 of the Real Estate News
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