Customary inspections vary in different areas, but the most common is the Home Inspection in Chicago.
What to expect when you’re inspecting a home?
Once you have an accepted offer to buy a home schedule the Home Inspection as soon as you can. The more time you have to review the inspection report and take the next steps the better.
The home inspection is an educational opportunity for the home buyer. Whether you are buying your first home or your 5th, it’s important to learn about the home you’re buying. The inspector will teach you what you need to know to properly maintain the home. The inspector will also run a variety of tests or assessments on different aspects of the home including appliances, electricity, plumbing, windows, doors, the mechanicals, and the exterior elements as well as. Depending on the size of the property the inspection can take anywhere from 2 to 4 hours, and the inspector will provide a detailed report on the home along with maintenance suggestions.
What do you do with the inspection report?
The answer is; it depends. Hopefully, the inspection was uneventful and there were no surprises. The inspection is not meant to be a “Punch List” of what is wrong with the property. The inspection is intended to ensure there are no significant defects the buyer was unaware of.
During the initial home tour, the buyer may have noted some minor issues that were factored into the offer. For example, a lower offer could have reflected the worn condition of the floors. Acknowledging that the floors needed to be refinished, the seller may have accepted less.
However, if the inspection reveals safety or structural concerns not disclosed prior to negotiating an offer, the buyer has time for due diligence. The buyer has the opportunity to get experts in the areas of concern to identify the significance, remedy, and cost during the Inspection contingency. It’s important to understand the terms of the inspection contingency, so consult an attorney if you have questions.
If safety or structural concerns are identified, the inspector will recommend further investigation with a licensed contractor. Professional Home inspectors are licensed and affiliated with ASHI the American Society of Home Inspectors. Licensed Home Inspectors are required to have proper training, but they are not experts in every aspect of a home. For example, if there is a concern about the roof it’s important to call a licensed roofer. A roofer can provide expert advice.
There are options for which direction to go. The buyer and seller can negotiate repair credit, remedy, or not move forward on the contract. If a defect is made known to a seller, and the contract does not move forward the seller must disclose the issue or remedy the defect for the next buyer.