A home inspection is something a buyer requests and the cost of the inspection is paid by the buyer. In most cases the buyer has 10 business days from the acceptance of the contract to schedule the inspection and 20 days to complete it.
A home inspection is an objective visual examination of the physical structure and systems of a home, from the roof to the foundation. The standard home inspector's report will include an evaluation of the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure.
A professional home inspection is an examination of the current condition of your prospective home. It is not an appraisal, which determines market value. A home inspector will not pass or fail a house, but rather describe its physical condition and indicate what may need repair or replacement. Of course, a home inspection will also point out the positive aspects of a home, as well as the maintenance that will be necessary to keep it in good shape.
No house is perfect. If the inspector finds problems, it doesn't necessarily mean the buyer won't buy the home. A buyer has the following options if something is found to be wrong with the home:
- Buy the property as is
- Request that you make repairs
- Ask for an allowance be given at closing to cover the cost of the repairs
- Rescind the offer and void the contract
Some buyers look at the home inspection as an opportunity for a second round of negotiations, and want everything fixed to bring a house into "as new" condition. This train of thought is not realistic. Generally any post-inspection negotiation focuses on items of a substantive nature or are health or safety related that may not have been disclosed or evident when an offer was made.
