The inspection phase, in general, involves a top-to-bottom evaluation of the property before the home goes on the market.
Health and safety are a top consideration. Also, checking the functionality of basic amenities should be done during the inspection phase.
This step plays a vital role in the home selling process. The inspection phase allows the seller to decide on the final sale price based on the condition of the property. In some instances, sellers might be asked to fix serious issues the bank may determine before the property goes on the market.
There are also instances when the prospective buyer agrees to make the repairs but would expect the seller to lower the selling price to cover the repair costs.
The Required Areas of Inspection
- Structure
- Exterior
- Roofing system
- Plumbing system
- Electrical system
- Heating system
- Air conditioning system
- Interior
- Insulation
- Ventilation
- Fireplaces
Inspection Standards
The American Society of Home Inspectors (ASHI) has specified the areas that need to be inspected through their “Standards of Practice.” Sellers can hire their own inspector to check the state of their property and to know what needs to be repaired urgently. The inspector will provide them an evaluation of all the things that need to be done after the inspection that usually takes 2 to 3 hours.
Hiring an inspector may cost you money, but it can help you discover problems that can be deal-breakers for you.
Buyer Inspections
A prospective buyer will later walk through an inspector to assess the property and that can be daunting for home sellers. But if you have hired your own inspector and taken care of everything that needs to be done before the property was put on the market, then you can expect to get a good evaluation.
The Report
The inspector will provide the evaluation to the prospective buyer, noting every issue, both minor and major, that has been found. They will usually require immediate attention for major concerns before the sale can push through. Inspectors might also include potential future issues in the evaluation.
Seller will have time to make repairs before the follow-up inspection or the closing. The sale can only proceed once all parties are satisfied with the property’s condition or have made other arrangements for closing to proceed.