- To protect your interests, ensure that you have the financial & physical means necessary to complete the purchase and have the desired move in, it is advised to conduct your real estate transaction utilizing licensed and professional inspectors. What will an inspector do?:
- Follow the standards of practice for the given inspection type. You cannot utilize a report from a family friend who is a contractor in negotiations for example. Hire a professional, licensed inspector!
- An inspector will not grant you a pass / fail. He/she will provide you the information you need to continue on.
- An inspector may recommend consulting repair specialists – perform your due diligence!
- Once your inspection is complete, you can then create a repair/request list. It can be specific items that you wish to have addressed or you can ask for a credit which typically you would want an estimate from a repair company to back it up. Offer the seller the opportunity to review and respond. Sellers can offer to fix items, offer a credit or do nothing.
- Keep your expectations in check. Sellers are not going to necessarily offer a credit for cosmetic items nor for items that you failed to notice during the initial process. For example, the price of the home may have already taken into account it needing a new roof. I always advise to look up, look down, look around prior to making an offer! The seller may have accepted a lower offer from you and if you then ask for an additional dollar amount back, they may not be financially able to do so. As in turn, you need to ensure you are financially able to carry on with the purchase.
- Every home will generate a report! There is
no perfect house. Utilize it as a to do list!