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Friday, May 31, 2013

Home Inspections - What do you do next?

This is the second in a series on home inspections.  The first part discussed who should be present during the home inspection.

Here we cover what to do once the inspection is done and the report has been delivered.

Keep in mind a property inspection report is only an assessment of a property's current condition.  Most property inspectors provide a written report with photo documentation of issues. 

Once reported your real estate agent should get involved in the next step. 

The buyer's response to the inspection report, may result in several actions.  Sometimes action is delayed until a specialist (AC, electrician, roofer, etc) is called in to examine a potential issue reports are usually just the facts without advice as to resolution, etc. 

Based on the information available buyers may choose to: 
  • Go forward - nice when the inspection is "clean."
  • Request repairs be made - even if it is an "as is" offer some sellers may still fix a problem.
  • Request a price reduction in lieu of repairs.  Some sellers would prefer to go forward even if it means giving a little off the price.   
  • Cancel the contract.  With an inspection contingency buyers always have a "get out of jail free card."

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