We get it, inspections aren’t glamorous, but they are vital to both the sale and purchase of a home. Each inspection is part of the process of ensuring that you know the true value and condition of the home you are buying or selling. We want to help you understand the three types of inspections, so you can be prepared for your next real estate transaction.
Home Inspection
What is it?
A home inspection is when a certified inspector comes to the home in question to analyze its various parts and their state of repair or disrepair. These professionals usually have many years of construction or similar trade experience that enables them to accurately gauge the state of the home. A home inspector will look at the roof, exterior, chimney, electrical, plumbing, and structural elements of the home. Depending on the size of the home, it can take 1-4 hours to complete.
Why do I need it?
Home Inspections bring to light issues the average home buyer won’t notice. They have the expertise to see potentially large expenses such as faulty electrical wiring, a cracked foundation, or a rotting roof. The inspection might reveal information that affects the negotiation of the sale price, so it’s important to be present and ask questions while the inspector is there. The home inspector will give you a detailed written report of their findings. Your Realtor will then help you navigate any negotiation that is warranted based on the findings.
Home Appraisal
What is it?
A home appraiser is a licensed professional who has the expertise to certify the value of your home in the current market. The appraiser considers the location, current comps, and home improvements in his assessment. This usually occurs with a realtor or individually, so you might never meet the appraiser.
Why do I need it?
The bank needs to make sure that the home you’re buying is worth the amount in your sales contract. The bank will not loan you money above the appraised value of the home. If the home does not appraise, either the seller will need to lower the price, or the buyer will need to pay the difference in cash. Typically, both parties negotiate with the help of a Realtor.
HOA Inspection
What is it?
A HOA inspection is when a certified member of the Homeowners Association for the property in question assesses the home. This is exterior only and oftentimes comes with very strict rules for the seller if any repairs need to be made before the sale of the house.
Why do I need it?
You might not! If the property isn’t part of a HOA, then cross this off the list! But if it is, the HOA has final say if the property can be sold in current condition and has the power to hold up the sale if issues aren’t addressed. It can take weeks, so be sure to check with your HOA to determine how long it takes to receive the inspection report.
Phew, you made it! Once all the inspections are done and all parties say yes, the dotted line is all that’s left! Questions or concerns? Contact us at 571-992-0700 or ray@talktoray.com. There are additional inspections that you may want and Ray Gernhart and Associates can advise you and even make those arrangements. We guide our clients through the inspection process seamlessly and are happy to help!
