Real Estate Inspections

What are "real estate inspections"?

When buying a home, a real estate inspection is incredibly important. Real estate inspections come in a host of varieties: virtually anything from a physical inspection, a mold inspection to a radon inspection. Anything that you want to inspect in the property, you have the legal right to do so. Real estate inspections are usually performed early on in the escrow, anywhere from the first 7 to 1, if not 7 to 17 days. Based on the physical inspection, you as a buyer can go back to the seller and ask for certain things to be improved as a condition of you proceeding in the escrow.

Do I need to have my new home inspected?

When it comes to buying a home, you absolutely need to have your new inspected. A home inspection is crucially important regardless of the age of the property. Whether it is a vintage cottage or a newly constructed home, you have to dig in, you have to get under the house, you have to get on the roof, and you have to find out about the plumbing and the electrics. This inspection on the property is something that you really shouldn't be doing on your own.

When should I have my new home inspected?

The inspections of your new house should happen early on in the escrow, because they are a serious component in the escrow proceeding. For example, if you conduct a physical inspection and find out a material fact that you were not aware of going in, this could either A, cause you to no longer have interest in the property, or B, raise a significant concern that the property now is in need of X amount of dollars in upgrading. So, based on the physical inspection, the physical inspection will decide in most cases whether or not you are proceeding in an escrow or not.

How do I arrange for a real estate inspection?

Finding a reputable inspector is most crucial. I, being a realtor, am of the belief that the realtors involved in the transaction should be the last people recommending the home inspection, just because it is a little bit too close, in my estimation. This is one man's opinion. I would recommend getting on any particular website that has a review or a grading of home inspectors, doing your research just like you would do on any other acquisition, whether you're buying a car or a home. It's all the same diligent research to find the most reputable, honest, unbiased inspector that you can find.

How long do I have to make inspections on a potential home?

The window of time on a physical inspection varies on what was agreed between the buyer and seller at the time of agreement. In my experience, it's anywhere from seven to 17 days. But this term is incredibly important, because the seller does not know if he or she has a solid deal until the physical inspection is completed and the buyer has removed that contingency in writing. The physical inspection often leads to a more heated negotiation than even on price.

What if the real estate inspector finds problems?

If you conduct an inspection and you find several things that concern you with regard to the integrity of the property, what you would do is A) decide if you want to proceed on based on the findings. If so, what you would do is sit down with your realtor and compile what's called a "hit list" or a request for repairs, basically stating: "Dear Seller, I am hereby requesting that you do the following: A, B, C, D, E, F improvements as a condition of me continuing on in this escrow." That's not to say that the seller will not come back and say, "I will fix A and C and the first half of E," but again, that's a little mini-negotiation that needs to be tended to.

Should I test my new home for toxic substances?

When buying a home and testing your new home for toxic substances, I would never dissuade anyone from digging in and researching anything that's a concern to them. It's certainly well within a buyer's legal right to do so. Testing your home for toxic substances or for anything else would be at the buyer's expense, it would also have to be conducted within the parameters originally agreed upon in the purchase agreement.