The Home Inspection
After a purchase agreement between the buyer and seller has been fully executed, the home inspection can take place. The buyer will want to hire a professional home inspector to search for defects and to report on the condition of the home. Remember, buyers are purchasing the home in its present condition at time of acceptance.
The purpose of these inspections is to make sure that the buyers are aware of the physical condition of the property they are purchasing. While these inspections do not provide guarantees of the home's condition, they will provide valuable information to the buyer.
When possible, hire an inspector who belongs to a trade organization for home inspections. For example, the American Society of Home Inspectors (ASHI) has developed a professional code of ethics and formal inspection guidelines for the members of their organization. Technical knowledge of structures, various appliances and their systems , and a proven field experience are required for membership.
The seller will want this inspection performed quickly, so that the buyer will approve the condition of the home and move forward with the purchase. The home buyer may negotiate with the sellers to have some repairs done, but the inspectors report is not a wish list of repairs to be done. At the least, the home buyer will have knowledge of any potential problems. Or, the buyer can cancel the purchase agreement without penalty, providing the timetables of the purchase agreement are adhered to.
No sooner than 5 days before the close of escrow, the buyer will want to see the home again in order to make sure that it is in the same condition as when they you made their offer. This is also the time to inspect that any agreed-upon repairs have been performed.