Today we’re talking with Shannon Goldberg. Shannon is a buyer’s specialist on the Marti Hampton team and Shannon is going to be sharing with us 3 things you need to know about the home inspection.
More Than One Inspection
The first important thing you need to know about the home inspection is that you’re probably going to need more than one inspection. In addition to the home inspection, you’re probably going to want to get a pest inspection and a radon inspection.
Termites are common in our area and can quickly eat away at the framing of your home, causing it to lose it’s structural integrity.
Radon is pretty common here in North Carolina. It’s a colorless, odorless gas that causes cancer if left unmitigated. It comes from natural rock that is buried deep beneath our homes and as the rock breaks down, the gas can seep up into our home. It’s easy to mitigate so you can be sure your home is safe, but that is something you really want to have done during the due diligence process because it can cost about $1400 to mitigate.
How to Pay for the Home Inspection
Pay at Time of Service
Some inspectors will require you to pay at the time of the inspection. In this case, you will make the check out to the inspection company.
Pay at Closing
In some cases the inspection company will allow you to pay at closing. This means you can write just one check to the closing attorney and the closing attorney will pay the inspection fee, as well as other fees like the survey and appraisal from your lump sum payment.
What if You Don’t Close and You Haven’t Paid for the Home Inspection?
Sometimes purchases don’t go as we hope or expect. It’s a good thing we do the inspections because sometimes they turn up major repairs that you wouldn’t want to incur the cost of. If the seller refuses to pay for them, you might find yourself terminating a purchase contract.
In that case, you would still owe the expenses you incurred during the inspection process. You would pay the payments directly to the professionals who did the work for you.
Negotiating the Repairs from the Home Inspection
You’ll usually get the home inspection report back from the inspector in about 48 hours. The radon and pest reports might take a day or two longer. The inspection report can be a little scary because they really do a very thorough job of letting identifying issues or potential issues with the property.
Your agent will go through the inspection report with you and help you separate the major issues from the minor issues. Then she’ll help you decide which repairs you would like to ask the seller to fix. Remember this is a negotiation, so there is always a little give and take.
Your agent will write up the repair request, deliver it to the seller’s agent. And the seller’s agent will review the request with the seller and together they will decide on a response to your request.
Completing the Repair Request
Sometimes the seller will have professionals fix the items on the list. Sometimes they will get approval from the buyer to fix it themselves. This usually happens with smaller repair items. And sometimes the seller will offer a dollar amount credit to the buyer at closing in lieu of making any repairs.
The seller has until the final walkthrough to complete the agreed upon repairs. The buyer has the right to get a re-inspection from their inspector to make sure the repairs were done in a “professional and workmanlike manner.” This usually costs about half the price of the initial inspection.
Looking for your next home? Check out Marti’s exclusive website, Coming Soon Homes! This is where we list all our listings that are getting reading to hit the market so you can make an offer before it’s gone!!
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