When your offer to purchase has been accepted, you usually have a period of time, as outlined in the purchase and sales agreement to complete the home inspection process. This is generally 7-10 days. If the findings demonstrate repairs are necessary or desired you have then you notify the seller of any unsatisfactory results.
There can be several parts to a home inspection, including the general home inspection, termite inspection, well inspection, septic inspection, radon testing and possibly environmental testing. Depending on the property, the market and your experience in home buying, you may want all but at the very least a comprehensive home inspection.
Home Inspection. The inspector will visually:
- Visually evaluate the physical condition of the structure, plumbing, electrical, and mechanical systems.
- Identify items that should be repaired or replaced.
- Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
How Much Do Home Inspections Cost? Costs for home inspections vary, depending on the size and type of property as well as the number of inspections being performed. Expect to pay somewhere around $250 -$600+.
Also, keep in mind, that the inspector(s) may suggest that you ”further evaluated”. For example, an inspector may note that there is a foundation crack. The inspector will recommend that you have a structural engineer analyze the crack to determine if you should be concerned or not. This would be an additional expense to you.
Renegotiating the Contract. The buyer(s) should use the inspection to renegotiate the purchase price, if necessary. If there are any undisclosed problems found with the inspection, then it is perfectly acceptable for the buyer to request that the seller repair the items, reduce the selling price or ask for money in lieu of repairs being made. Getting the seller to actually do the repairs is completely out of the buyer’s control.
As-is Sales and What if the Seller Refuses to Make Repairs? If you’re buying a house as-is, that means that the seller is not making any warranties about the condition of the property. However, that does not mean the seller will not necessarily make repairs or offer to reduce the selling price of the property if a problem is discovered that is unexpected from the home inspection.
For example, a buyer hires a home inspector and the inspector points out that a furnace is aged and that it may have to be replaced. However, if that furnace is only a few years old, the buyer could reasonable expect that furnace to be in serviceable condition. Upon receiving the results of the home inspection, the buyer discovers that the furnace needs modifications and or servicing due to the fact that it was not running properly. The buyer can certainly request that the seller make repairs, although the seller may still refuse.
If a seller refuses to make repairs you requested, you have a few options:
- Continue to negotiate and possibly and or give them an ultimatum – if you don’t repair the furnace, we’re will cancel the contract. Only do this if you really are willing to walk away from the deal.
- Accept the property as it is and buy it, knowing that you will have to make the repairs yourself.
- Terminate the contract – you are within your rights to have a home inspection and with the report you will also have rights to terminate the contract as long as it’s done within the time-frame specified in the contract.
Contact your A-Pro Senior Inspector for further details or pricing for all your inspection needs.