There’s this euphoric moment for both buyer and seller once the final offer on a home is accepted! You’ve gone through a tedious process until now, as well as several negotiations. You’re ready to close this chapter and transition into the next phase.
Unfortunately, there are a few more steps. Most notable is the home inspection.
There will be a few more I’s to dot and T’s to cross before it’s all said and done, but this is an important one. Especially if the buyer is financing the home, the lender will require the inspection to process the loan.
Home Inspection Overview
The buyer brings in an inspector, but they will be a neutral, 3rd party evaluating the home for safety concerns. They aren’t looking for cosmetic issues. Their goal is to identify any unsafe issues such as poor electrical wiring or cracks in the foundation of the home.
While going through the property, if the inspector identifies any additions that have been added, they will alert the Realtor®. The Realtor® will then need to verify that the addition has a proper permit. Lenders won’t finalize the loan if additions don’t have the proper permits.
While the home inspection differs from an environmental inspection, the inspector will look for visible health issues such as mold. This also includes that all smoke detectors and carbon monoxide detectors are working.
For the Home Owner
When preparing for an inspection, work to make it easy to access all the areas that will be reviewed. This means doing things like removing furniture blocking electrical outlets, making it easy access to the attic, and clearing below the sink.
Hopefully you de-cluttered the home prior to listing, but if you didn’t, now would be a good time to clean out excess items. Additionally, make sure there is a clear path to all the major areas of the home.
For the Buyer
Not every purchase requires a home inspection. Typically, it’s done to fulfill the requirement of the lending company. They want to verify accuracy and condition of the home they are backing through their loan.
Even if your buying situation doesn’t require an inspection for whatever reason, you should still invest in one. For most families, a home is the largest investment you will purchase. Go the extra mile to ensure that it is not only a solid investment; it is also a safe space for your family to be in.
In reality, the inspection is designed to protect the buyer. It’s your professional once over on the property to ensure that what you see is what you get.
As for any issue identified following the inspection, typically the seller is responsible for covering the cost. This can either be them addressing it prior to the buyer moving in or a credit being given at closing.
A Partner You Can Trust
At NeighborWorks Orange County, we are here to be your partner throughout the entire home buying or selling process. We have skilled Realtors® to help you either find the perfect home or to sell yours. Know that by using our services, you not only get the best possible service provider, but the commissions are reinvested back into the community.
If you’re not quite ready to purchase yet, check out our home buying workshops. We work with you at any time during your journey to homeownership.