The purpose of an inspection is to identify health, safety, mechanical and structural issues, not cosmetics or repairs costing less than $1,000. For instance, if a high level of radon gas is detected, the buyer would request that the seller install a radon mitigation system prior to closing. If a vertical crack is found in a basement wall, a structural engineer may be called to assess and provide an estimate for correcting the problem by adding support beams or filling the crack with an epoxy substance.
If you purchase a home in need of expensive repairs, it will become more of a burden and money pit than a real estate investment.
Since the average buyer may not be able to assess structural integrity or detect mechanical issues, a professional home inspector typically examines the property shortly after the seller accepts the buyer’s offer.
A home inspection is not required by law, but highly recommended for buyers to make sure they are committing to a property that is safe and won’t cost them time and money in future repairs. Here are some things to be mindful of when you hire a home inspection company.
Both the Buyer and Agent Need to Attend the Inspection
Inspections used to take between three to four hours, but now there are home inspectors who work in teams of two. This approach allows one inspector to concentrate on the exterior, walk the roof, and access the attic while the other inspector examines the mechanicals, electrical , plumbing and appliances.
It’s crucial that both the buyer and the buyer’s agent are present so the inspector can explain any issues in person and the buyer can thoroughly learn their way around the property.
For example, where is the main water shut off if you need to turn it off in an emergency? Where are the GFCI outlets located and how do you reset them if needed?
An experienced Novi real estate agent will know exactly what questions to ask the inspector and help the buyer determine which items should be added to the repair request list.
What to Expect After the Home Inspection
After the inspection, the buyer receives a complete written report with photographs that they can review and provide to the seller if they are requesting repairs.
The repair request list usually results in one of the following ways:
- The seller makes the requested repairs.
- The seller provides a credit to the buyer by contributing to closing costs.
- The seller does not comply with repairs as they are not required to make them.
Of course the best outcome would be the seller complying with all repairs. However, sometimes sellers are unaware of these underlying issues recently revealed in the report and they have no desire to spend time making the repairs.
The seller may have an offer on another home and they are focused on moving into their new property as soon as possible. In this case, the seller will offer a credit to the buyer which is negotiated between the buyer’s agent and seller’s agent.
Buyers should understand that sellers are not required to make these repairs or even provide a credit. And since we are currently in a seller’s market, there are many multi-bid situations. Consult with your real estate agent to determine if your requested repairs are worth losing an offer.
Consider your future plans. Are you already planning a bathroom remodel but are requesting that a faucet be replaced? Or is there a roof leak that will cost you thousands of dollars in a few years? It is important to weigh your options and determine what is important to your unique situation.
Confirm Repairs and Remediation are Completed with a Final Walk Through
If the seller agrees to make the buyer’s requested repairs, the next step is to follow up and make sure they are completed before closing. Buyers will want to confirm the following:
- Requested repairs are completed and there are no new Issues
- There is no damage or vandalism to the property
- All items included in purchase are still in the home
- Unwanted debris and junk are removed
Learn More: Novi Realtor Gives Final Walk-Through Tips
Contact a Real Estate Agent in Novi, Michigan
Tracy Wick has 25 years as a Novi real estate agent and client advocate offering a full spectrum of services to buyers and sellers.
Tracy Wick Property Team has a list of trusted contractors, such as home inspectors who have the expertise to identify any underlying structural, mechanical or safety issues with your home.
If you are looking for a reliable home inspection company or, if you are interested in additional real estate advice, contact Tracy Wick today by calling: 248.912.7407 or sign up for our monthly newsletter, The Scoop for the latest news and insider information.