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Back to Home Buying 101 |
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ALWAYS have an inspection completed. It is one of the most important steps of the home buying process. When you sign your contract to purchase MAKE SURE that it is contingent upon an inspection. If there is a section on the contract that addresses the repair process, be sure to fill it out. Also, be sure that the contract allows enough time for the inspection to be completed (you should try to allow for at least 10 full business days.) There are generally three kinds of inspections that you should have completed before you purchase a home. 1. Structural/Mechanical Inspection – This kind of inspection is usually conducted by a professional home inspector who evaluates the home’s foundation, doors, windows, roofing, chimney, gutters, vents, fans, plumbing, electrical system, heating, cooling, ceilings, walls, floors, insulations, ventilation, septic tanks, wells, sewer lines, exterior, yard, basement and attic, etc. 2. Termite/Pest Inspection – An inspector or pest control company will look for damage or the possibility of damage from insects, bugs, termites, or dry rot conditions. 3. Environmental Inspection – This kind of inspection tests for radon, lead paint, asbestos, hazardous waste, and other environmental concerns. This kind of test is not routine, but some states may require it. If the inspector finds any significant problems with the home, you are protected by the inspection contingency in the purchase contract. Some of the problems may be minor and you may not want to adjust the purchase contract. However, if there are more serious issues (i.e. house needs a new roof, plumbing system, etc) then you will want to negotiate further with the seller. You need to decide if you want to have the problem fixed before you purchase the home, or after. Sometimes a buyer will require the seller to make the repairs, or they will try to reduce the purchase price by the amount of money needed to make the repair. Your Agent will be able to guide you through this process. |