Depending on the size of the property, the inspection process usually takes up to three hours, during which time the home is examined from the ground up. It includes observation and, when appropriate, operation of the plumbing, heating, air conditioning, and electrical systems, as well as structural components, such as the roof, foundation, basement, exterior and interior walls, chimney, doors and windows.
Home sellers may choose not to correct every defect found in the inspection report. Instead, they acknowledge the defects to the buyer and explain that the asking price has been adjusted to reflect the estimated cost of repairs.
A home inspection can serve as a multi-purpose tool. An inspection helps the seller comply with full-disclosure real estate laws. With an inspection report in hand, you are less likely to overlook a defect or material fact for which you could later be held liable. You are now prepared to stage your home and focus on negotiations.
Do not confuse Home Inspections with Appraisals. Home Inspections are used by buyers and sellers to understand the condition of the home in question. Appraisals are used by mortgage companies to ensure the mortgage loan amount is not more than the value of the property.
The content of this article is provided for general information only and not meant to provide legal advice. An attorney should be contacted for specific legal needs.