Understanding the Inspection Process
Now that you have a contract, the inspection process is one of the contract conditions that need to be resolved to allow us to get to the closing table.
Here are some of the most common inspection questions that we are asked regarding the inspection.
Who pays for the Inspection? The inspection is typically paid for by the buyer.
How Long does an Inspection take? This depends upon how large the home is, and how many inspectors there are; however, inspections usually are 2-3 hours for most homes. Larger homes can take longer.
Who will typically attend the Inspection? In most cases, the real estate agent representing the buyer, the inspector and the buyer will be there.
Will the Seller be there? The seller can attend, however it is critical not to discuss repairs without your Real Estate Agent. Do not agree to make any repairs. It is important to allow your real estate agents to represent you as this is a form of re-negotiation.
When will the Inspection Occur? Generally, the inspection period will be within 7-10 days of the executed contract.
After the Inspection what happens? Most inspection companies will send the report to the buyer within 24 - 36 hours. After the report is received, the buyer will review the inspection report and discuss deal breakers as the contract is an as-is contract. Deal breakers are items that would cause them to cancel the contract. These should be items not previously known by the buyer.
Other Inspection Tips
The inspection is not a guarantee. The inspector can only report was is visible. Additionally, an inspector can not anticipate when something is going to break or fail. If a repair would be a financial hardship, then consider buying a home warranty that offers replacement protection.