Home Inspections
What Happens During a Home Inspection?
During a home inspection, a licensed inspector will conduct a general walkthrough of a property to inform the buyer of the property’s overall condition and identify any issues that may pose safety risks, financial burdens or complications in the transaction.
Homebuyers need to be able to make informed decisions and trust that they are investing in a property free of hidden hazards.
The Purpose of a Home Inspection
The primary purpose of a home inspection is to inform the buyer of any defects. In some cases, a lender may not approve a loan to purchase a home with major structural issues or safety concerns that could devalue the property.
It’s not in the mortgage company’s best interest to lend a homebuyer $300,000 to purchase a property that might only be worth $250,000 due to structural damage, unsafe wiring, mold, foundation problems or some other major issue. Before final loan approval, the lender may require repairs, a reduction in purchase price, or additional buyer equity to offset the lower appraised value of a home with serious defects.
What Does an Inspector Examine During a Home Inspection?
The inspector should carefully examine every major part of a home during a general walkthrough. This should include:
- Exterior: The roof, siding, gutters, foundation, driveway and drainage
- Interior: Walls, ceilings, floors, windows and doors
- Systems and home infrastructure: HVAC, plumbing, electrical and insulation
- Appliances: If the home is being sold with appliances or has built-in appliances, they should be examined and tested during the inspection
What Are the Most Common Outcomes of Home Inspections?
Most inspections end with the home receiving either a clean bill of health or minor repair recommendations. When inspectors do find defects in relatively well-maintained properties, they are usually minor issues like leaky faucets, peeling paint or worn-out weatherstripping on doors and windows.
In many cases, these types of issues can be resolved through price negotiations, although the remedy depends on the local housing market and the disposition of the buyer and seller. For example, instead of demanding that the seller spend $5,000 to replace multiple windows, the buyer may lower their offer by $3,000. How much either party is willing to budge may depend on the number of offers the seller has received at or above starting price. If there are multiple buyers lined up, a seller may not be inclined to either repair the issue or lower their price.
Although rare, it’s not unheard of for an inspector to find major issues, such as roof damage, foundation cracks or serious wiring and plumbing issues. Serious problems can potentially lead to loan denials or simply cause buyers to walk away.
Trust is important in real estate transactions, and if a buyer feels misled, they may wonder if there are other hidden issues that could surface in the future.
How Can Home Sellers Increase the Likelihood of a Clean Inspection?
Home sellers can take some proactive steps to increase the likelihood that the inspector representing the buyer or mortgage company will give their property a clean bill of health.
Many home sellers are either aware of or have a general idea of what their problem areas are or might be. If your roof hasn’t been replaced in 20 years or you’ve had recent roof leaks, you may want to call a roofer to see if it can be repaired before listing your home.
If you know you have a leaky faucet or a clogged drain, you may want to rectify your plumbing issues prior to the buyer’s inspection. Many small issues, like burnt-out lightbulbs, loose handrails or squeaky doors, can be easily fixed by homeowners without the help of a professional.
It may be in your best interest to hire professionals for some pre-listing maintenance tasks, such as having your HVAC system serviced or your breaker panel inspected by an electrician.
Ultimately, the goal is to spend as little as possible on repairs. You are more likely to maximize the proceeds of your home sale if you can get by without having to invest in a complete roof or HVAC system replacement. Minor repairs and maintenance in advance of a buyer’s home inspection may be the best way to accomplish that goal.
Performing a deep cleaning yourself or hiring a cleaner before showing your home can also help. This ensures that when the buyer’s inspector arrives, your home appears well cared for and maintained.
If you have kept warranties or maintenance records for things like roof, HVAC or plumbing repairs, you may want to have them on hand and organized for the inspector and buyer. These records can help alleviate doubts about your home’s upkeep.
Get Help Selling Your Home Quickly and For a Great Price
The team at 72SOLD helps people sell all types of homes fast. Our experienced real estate professionals can provide advice on everything from pre-listing repairs to home staging, because our goal is to make your home as attractive as possible to home shoppers in your area. You can get our price for your home by filling out the form on our website.
