- Buyers can have inspectors trained to identify and fix any problems in their homes. They also know how to repair any previous repairs and what the future holds.
- Bridge Housing offers a service to inspect new homes. It’s much easier for builders to identify problems before they happen and cover them.
We’ll be focusing on buyers as sellers aren’t having any trouble getting top dollar for homes.
Do Your Due Diligence
Between the time they make an offer and the closing of the deal, homebuyers have a window to do their research, which allows them to inspect the house.
Professional inspectors inspect everything, from the structure of the property, garage, roof, attic, HVAC, electrical, and plumbing systems to everything else. They share their findings with the buyer by preparing written and photographic reports.
The buyer can make a few decisions based on the results of an inspection.
- Sometimes, buyers can negotiate a home inspection condition, which makes an offer contingent upon the inspection outcome.
- They’re more likely to accept any shortcomings in the current market if they want to proceed with the purchase.
- Although buyers are less powerful in today’s market, they still have the right to leave if they don’t like the inspection’s findings. They’ll usually get their earnest cashback.
Do not skip the Home Inspection.
Sadly, Nevada’s mad scramble for housing omits the crucial home inspection step.
Farrow says buyers may be willing to waive certain contingencies to accept offers. However, it is not a good idea. You can fix a small leak in the roof for hundreds of dollars. But if you need to replace the entire roof, it will cost thousands.
Farrow states that even though the buyer might not be able to force the seller to fix any issues the inspector points out, it is still vital to understand what those problems are. The inspector may also find items that might make the buyer reconsider.
Perna states, “It would have been foolish to waive the inspection contingency since they (the buyers), don’t want it to turn out that they’re buying money pits.”
Buyers will have to decide if they can pay for the repairs and the purchase price of a new house.
Take Part in the Process
Investopedia emphasizes the importance of buyers being present during home inspection in Las Vegas NV. “A typical inspection takes between two and three hours. Buyers should be present to receive a firsthand explanation from the inspector and ask any questions. Any problems that the inspector finds will be easier to understand if they are seen in person than if the report only contains snapshots.
Perna concurs, saying, “By accompanying me on the inspection they’re also in a position to familiarize themselves and better understand the operations and maintenance issues on the systems in the house.”
Farrow said that timing could be a problem as many home inspectors are kept busy in this market. He says that deals are moving very quickly, which can place a lot of stress on inspectors.
Here is where the real-estate agent steps in. They will contact the other agent, the lender and the inspector to ensure everything is in order.
Farrow states that sometimes we will talk to the inspector before writing up a contract. This ensures they have enough time to get there before we push for a contingency deadline.
Perna says that despite being very busy, his ten-member team of inspectors have been able to get people to properties in a matter of days.