If you are planning to buy or sell your house then you have to go through a home inspection procedure as a negotiation tool. Every home inspection is a crucial stage and many real estate agents are not willing to disclose every detail to their client. A real estate agent do this because they fear if they do not suggest buyer regarding home inspection then they might get sued for this. However, it must be kept in mind that the property seller is not released from the responsibility of disclosing the known defects to the buyer.
A home inspection will fail only in one condition if the owner of the house is himself not willing to correct the identified issues during home inspection. An Inspection Contingency is a clause which is mentioned in the home sale and purchase contract which provides the buyer an opportunity to perform a home inspection. If you are buying a new or even an old home inspection is critical, therefore inspection contingency should not be treated as a battle but as a negotiation. An inspection contingency provides the buyer with the right to have their home inspected within five to seven days. The cost of repair contingency is calculated on the basis of certain percentage of the sales price which can vary from 1% to 2%.
The home inspection laws and contingency for home inspection vary depending on every state. It is experienced that sometimes sellers fear about disclosing defects because they are not willing to make repairs. They are of the opinion that if buyers come to know about such issues then they will want them to fix those issues with perfection or they will decrease their property value or the buyer may not complete the sale transaction. Hence to overcome any such mishaps it is necessary to take assistance from a professional home inspector.
An interesting thing which you should always keep in mind is that every home whether it is a brand new or an old one always require a home inspection. At times new construction homes are filled with thousands of defects which are hidden smartly to fool the buyer.
Want to be GAPIC member click here
If you have hired a certified home inspector for discovering your home issues then both of you should work along and find a solution to the identified problem areas. If items mentioned in your inspection report are associated with safety hazards to your home then you should take immediate steps in resolving these issues. Always go for a specialist or an expert in their specific fields for resolving your identified home inspection issues. You should hire a licensed structural engineer, plumber, roofer, electrician, general contractor or any other technician. Your home inspector should be trained enough to discern defects and offer you with quality advice, but they are not allowed to provide you with any quotations regarding repairs. Some common home inspection problems are roof repairs which can range from $300 to $1000 while roof repairs will cost $4000 to $8000, similar is the case with plumbing which can cause approximately $1000 to $3000. Next significant area to inspect the problems associated with heating and cooling problems which can cost around $4000 to $6000.
The key to completing a successful home inspection contingency is that both parties come to the state of negotiation. Although it is apparent that it is human nature that no one wants to lose a negotiation and a win-win negotiation will only occur when buyers feel that they are able to close a fair deal while the sellers want to sense that they are not being deceived.
Ready to order an inspection click here
About Bob Senel
Consultant and trainer, retired general contractor from 1983 to 2012, founder of multiple inspection companies; residential, commercial and industrial inspector from 1978 to the present, California representative for IESO (Indoor Environmental Standards Association), founder of Mold in California and GAPIC (Global Association of Professional Inspectors and Contractors). Affiliations: CCC, CCI, CCPM, ICBO, IESO, CRMI, RMP, GAPIC.