Sam, on the home inspection
Sam Schneiderman, Broker-owner of Greater Boston Home Team continues his Monday series.
Most buyers elect to have a professional home inspector inspect the property that they want to buy. Personally, I always recommend an inspection, especially on new construction.
The purpose of the inspection(s) is to give buyers the opportunity to confirm that the physical aspects of the property are, in fact, as represented and as the buyers expected when the offer was finalized. Sometimes sellers have their property inspected before putting it on the market, but that is rare in the Greater Boston real estate market.
Good inspectors carry carbon monoxide detection equipment, moisture meters and other detection devices. Good inspectors seem to have a sixth sense and are able to point out things as rare as hollow areas under the concrete floor of new construction. (To view a handout about inspections designed for consumers by the state Office of Consumer Affairs and Business Regulation click here.)
Normally, an inspection clause is included in an offer to purchase. Buyers need to realize that their offer contains a deadline that specifies when and how they must notify the seller if they have issues with the inspection. Buyers that ask for concessions also need to notify the seller in such a way that preserves their ability to get their deposit back, or they risk losing their deposit. (If their agent does not do that, their attorney should.)
Sometimes, if a property has a glaring deficiency, like a possible structural or mechanical problem, a buyer will do an inspection before making an offer. That way the offer is based on fact. It’s possible to have limited inspections done to answer specific questions a buyer might have before making an offer, however, the seller needs to agree. For buyers, inspecting a property before an offer is accepted is risky because the property remains on the market and someone else could make an offer before the inspection is complete. In that case, the buyer would have spent the money for the inspection and would never get the chance to buy the property.
Some sellers see the buyer’s inspection as too picky. After all, they may be selling an older home that they’ve been living in for years and never noticed the “defects” pointed out by the inspector (i.e. an aging roof that is cracking but not leaking yet, a furnace that heats the house but is not running right, or a few carpenter ants.)
On the other hand, some buyers and agents see the inspection as an opportunity to try to reduce the purchase price, rather than using the home inspection as an opportunity to confirm that the house is what exactly what was bargained for in the offer.
What do you think the purpose of the inspection is?
How should sellers react to inspection issues?
Should sellers have inspections before listing their home?
What is the biggest stumbling block that our agent and attorney readers see after inspections?
