Choosing to use a home inspector to check out the piece of real estate you’re considering purchasing can provide you with greater confidence in your decision. Use the suggestions to arrange for timing your home inspection if you’re considering purchasing real estate.
Because the cost of a home inspection can be around $500, it’s important that you use a home inspection after you’ve made an offer on a piece of property and it’s been accepted.
You can choose to have a home inspection in the 10-day period between placing a binder down on the property, which evidences that you’ve made an offer and the seller has accepted your offer, and when you and the seller go to contract.
The benefit of having a home inspection before you go to contract is that you can walk away from the deal and get your binder back in the event you’re not happy with the inspection report. To make sure your binder money, which is usually a small amount of up to about $1,000 is returned to you, you should put language into the binder document that states it will be returned to you if the inspection report reveals any issue that you were not aware of and that the seller is unwilling to address.
In some instances, you will schedule a home inspection after going to contract. If you intend to schedule an inspection after you go to contract and put down your 10 percent earnest money, or deposit, you should make sure that your attorney is aware that you require language in the contract to protect your interests in the event a home inspection turns up an issue that you believe makes the house a bad deal.
Maison en bois EVO-LINE advice us to : “Be aware that you may want a general inspection clause in your contract that provides for the return of your deposit money in the event there’s anything in the inspection report that you don’t like but that a seller may want a specific clause better identifying the types of issues that would cause you to back out. In these instances, language that satisfies both you and the seller will be provided by your attorney. It is likely that you’ll have to obtain the inspection completed within a specific time. ”
If you’re unhappy with the results of the inspection, you should immediately notify your attorney and your real estate agent about your concerns, especially if you’ve already gone to contract. If there are issues that must be addressed for you to proceed on the contract, the seller will sometimes agree to make the needed repairs.
In some instances, the seller will agree to put money into an escrow account held by your attorney to pay for needed repairs identified in a home inspector’s report based on written estimates you obtain for the cost of such repairs.
A home inspection is a valuable tool in determining whether your planned real estate purchase makes sense for you. Use the suggestions above for determining when you will have your home inspection performed for a piece of real estate you intend to purchase.