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14
Home Inspection Complete: Now What?
When it comes to Augusta homes for sale, savvy buyers are investing in a home inspection on a more regular basis. Our real estate agents recommend getting a home inspection when there is no inspection on file, or the most recent inspection is more than a year old.
Many lenders require a home inspection before providing funds, especially when they are extending a loan to first-time buyers. Even if this is not a requirement, however, having an inspection done will protect your interests.
Although you can negotiate for the seller to pay for an inspection, it benefits the buyer most of all. During this process, a qualified home inspector will look at every aspect of the structure. Every issue, big or small, will be documented.
Many would-be buyers terminate a sale if there are serious issues:
- Roof leaks or attic problems
- Mold or mildew in the home
- Unreliable electrical wiring
- Sewer or septic system issues
- Termites or other vermin
If the home is not considered safe for human habitation as a result of the findings, then your lender might withhold funding. In general, though, the decision to proceed is up to you.
Here's what to do after the home inspection is completed:
- Examine the Results in Detail
First things first, you should read the entire report. These reports are comprehensive: They include sections on every internal and external aspect of the home. While there is normally a summary section, it's a good idea to review in detail. Pay particular attention to the included photos. These are often most helpful in letting you gauge the extent of a problem. - Discuss the Issues With Your Home Inspector
The inspector's findings are laid out in black and white, but you can still get further clarification in person. An inspector must provide as much information as possible, even if the inspection was paid for by the seller. He or she may have insight into how much work will need to go into fixing problems and which are most important. - Take the Information to Your Real Estate Agent
A home inspection is generally performed before an appraisal, which establishes the current market value of a home. The appraised value of the home must be closely aligned with the loan package. Your real estate agent can help you understand which inspection issues are worthy of immediate attention and what your negotiating strategy for repairs should be. - Negotiate for Repairs
When you commit to buy a home, it should be everything you expect it to be. Luckily, you can negotiate for repairs after the home inspection is complete. In most cases, the seller handles these within an agreed timeframe. Sometimes, the seller will reduce the sales price or offer concessions in cash to cover the repair costs. - Perform a Re-Inspection
If you negotiate for immediate repairs, be sure you have a professional verify that the repairs were performed. Things can be overlooked, and work quality might be lower than expected. If all is as it should be, you can proceed with confidence.
Walking away from a home you're excited about is the last resort, but also your strongest piece of bargaining leverage. With these steps, you have alternatives.
Contact us at Sprague & Curtis to find out more about real estate opportunities in Augusta.