I just want to know at what point do you do a home inspection when buying a home? We are currently in the process and I need to know when's a good time to have one.
2006-09-05 14:51:42 · 11 answers · asked by baby girl 2 in Business & Finance ➔ Renting & Real Estate
A home inspection is done by the buyer after an offer has been accepted and a loan has been at least pre-approved. It is also paid for by the buyer. It is usually a contingency on the offer. If the inspection does not go well, you can usually either have the seller fix the problem, renegotiate or pull the offer.
2006-09-05 15:02:17 · answer #1 · answered by Grommit 2 · 2⤊ 0⤋
Ideally, before you make an offer. That way you know everything and can use the info as bargaining info. Downside, you may decide not to buy that house, and you are out the cost of the inspection, but then if you decide not to buy due to major problems, then the money is well-spent.
Most buyers get an inspection between offer and closing time. If at all possible, go along with the inspector and ask questions.
2006-09-05 21:56:37 · answer #2 · answered by Jamestheflame 4 · 1⤊ 1⤋
My husband and i just bought a new home 2 month's ago, when the seller's accepted our bid for the house we had 10 day's to get a home inspection done(then we could have lowered our bid if there was any major problems) it all depends on where you live but the sooner the inspection is done the better.
2006-09-05 21:59:28 · answer #3 · answered by gonicki31 3 · 1⤊ 0⤋
After your offer is accepted have home inspection company, try to take one company who does not work very close with your realtor or the other realtor and the reason is that the house might have some problems and they will not release you the correct info so the transaction will go smoothly and they can be paid $$$$.
Normally the buyer pay for that if there are some major problems like with AC, plumbing or roof you can insist that the seller will fix them right away it if not you can ask for deduction from the selling price or just walk away. Ask the inspection company to give you the report by mail or email. I had a very bad experience with a realtor who removed a page from the report and was telling me later after I had discovered the problem with one of the bathrooms that it was innocent mistake and it was the fax fault.
2006-09-05 22:14:10 · answer #4 · answered by Isabella789 4 · 0⤊ 2⤋
If you are the seller you do a home inspection before you list and you make the inspection report an exhibit to the listing contract. If you are a buyer and there is no home inspection you get the seller's permission and you order one for your self before you make the offer, make sure in the permission to conduct an inspection that it is clearly spelled out that since you are paying for the inspection that the report is yours and if they want a copy they can pay for one half if you buy it or 100% if you don't.
You should also ask the seller to provide you with a seller property condition report that the seller should prepare for the listing broker as to their knowledge of existing conditions past and present.
Buena Suerte
2006-09-05 22:02:26 · answer #5 · answered by newmexicorealestateforms 6 · 0⤊ 2⤋
Long enough before closing to be able to have any discrepancies corrected. If an inspector finds something questionable, be sure to have him show you the violation in the Code Book. He is to inspect by the Book and not by "How he would have done it" Good luck with your new home.
2006-09-05 21:55:28 · answer #6 · answered by Anonymous · 1⤊ 0⤋
In NJ, you have 10 days after the expiration date of the attorney review to have a home inspection and submit your request for repairs to the seller. Have you already secured a mortgage for this home. Let me know, I may be able to provide you with a better rate.
2006-09-05 21:55:42 · answer #7 · answered by LoanOfficer 1 · 1⤊ 1⤋
Always done prior to closing through schedule with attorneys. This is the engineering report. Most lenders insist on an evaluation to ensure the appraisal satisfies banking laws and equity growth potentials.
2006-09-05 21:55:25 · answer #8 · answered by The Global Community 3 · 1⤊ 0⤋
Should have been addressed in your contract. I usually write mine to be done within 10 days of binding agreement date with responses of 1 day from seller then 1 day from buyer if needed.
2006-09-05 22:58:04 · answer #9 · answered by Karen R 3 · 2⤊ 0⤋
make your offer contingent on a satisfactory home inspection and then have on e done right away
2006-09-05 21:53:57 · answer #10 · answered by capollar 4 · 1⤊ 0⤋