Things You Need To Know About Home InspectionsTopic: Real Estate Technology
Everyone knows the economy's been a little rocky lately, with many houses going into foreclosure. Though this might be the case, there are still many (if not more) sellers out there trying to move their homes, and quite a few buyers looking for possible bargains. When these sellers and buyers agree to enter into a sale, a concerted look at the property is called for, so avoid home buying problems by using home inspections whenever possible.
What needs to be said is that these look-sees aren't normally an absolute requirement of most home sales, though a lender might require it, on occasion. But with the exception of brand new homes, anyone who is buying a house and doesn't consider ordering an inspection is taking a risk that's not really called for. So make passing a home inspection part of the requirement before signing a final purchase agreement.
Another thing to know is that in almost every case the buyer of the home, and not the seller, will be responsible for paying for the inspection itself. Sometimes, if the owner is motivated to sell, he or she can be talked into paying for it, but this hardly ever happens. So be prepared to hand over anywhere from 100 to 300 dollars, on average. At minimum, make sure the foundation and structure are checked, along with heating and cooling systems.
There is also a difference between home inspections and obtaining what's called a "certificate of occupancy." These certificates may be required by the city or town in which the property sits, and the cost of obtaining one - with the owner fixing any issues pointed out - is almost always the responsibility of the seller. In fact, when one's a requirement, the house normally can't be sold without it.
A number of certifying organizations exist which train and keep track of people who engage in home inspection activities. Take a bit of time to find a good one, who comes with references. If using a real estate agent, he or she will probably have the names of several good ones who they've used in the past. This cost, borne by the buyer, is paid when the work is performed, not at closing, as a part of those buyer closing costs.
Avoid home buying problems by using home inspections, especially if the home to be bought is older or has had significant work done to it. Make the signing of a final purchase agreement contingent upon a successful home inspection, too. Most sellers will usually have no problem with this requirement, especially given the state of flux the housing market's been in, lately.
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This is very true. I know of a couple peploe that didn't think to look at the paint job and in hidden areas for rust. It ended up costing them a lot more money to finally get it fixed.
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