Sunday, August 22, 2021 / by Karri Bedor
What does a Home Inspection Involve?
Let’s dig into what an inspection really is. First of all, there are many different types of inspections, (chimney inspection, roof inspection, lead-based paint inspection, pest inspection, termite or rodent inspection, radon inspection, electrical inspection, heating, ventilation, and air conditioning - HVAC inspection, asbestos inspection), but these are specific and need to be clarified in an offer - in addition to the regular home inspection. The inspection contingency in an offer to purchase is an “overall" home inspection. The report is typically 30-40 pages long and lists categories such as electrical, roof, plumbing, structure, and basement, to name a few.
A home inspector will go through the home and check for the condition of certain components of a home. Some common terms used by inspectors are “Satisfactory, Maintenance, Monitor, Needs Repair, and Defective.” The only items a seller is responsible to repair are “defects,”
if the buyer requests them to do so
A defect is…
“a condition that would have a significant adverse effect on the value of the property, that would significantly impair the health or safety of future occupants of the property, or that if not repaired, removed or replaced would significantly shorten or adversely
affect the expected normal life to the premises.”
So, should you waive the inspection in this competitive market to make your offer more appealing to the seller? Many buyers are doing this, but this is a VERY difficult question to answer. Yes, it will make your offer more appealing, but if your offer is accepted and you waived the inspection, you agree to be responsible for the repair cost for any and all home defects. It’s a gamble, for sure!