Its goal is to evaluate the home from a structural and safety standpoint, as well as to ensure you’re buying a hazard-free, up-to-code property that’s a good investment of your dollars.
Step 1: Include A Home Inspection Contingency In Your Contract Your first step is to make sure there’s a home inspection contingency — also referred to as a “due diligence” contingency — in your sales contract.
Step 2: Understand How Your Home Inspection Contingency Works In most cases, the inspection period is anywhere from one to two weeks from the date your sales contract is signed, though it depends on your specific agreement.
Certain inspectors may go above and beyond this, or they may report their findings in a different way.
Step 5: Read Your Home Inspection Report Once the home inspector is done on your property, they’ll put together a full report of their findings.
Generally, you’ll see the following terms for any issues they spot: • Material defect: An issue that might pose a potential safety hazard or have a significant impact on the home’s value.
• Mold/mildew inspections.
In the event you had the seller make major repairs to the foundation, roof or other important features in the house, you might want to have your inspector come back out for what’s called a “reinspection.” These allow the original inspector to come back out and verify that issues have been properly resolved.
They do come with a cost (though usually a small fraction of the original inspection price), but considering that they can prevent safety issues and future repairs down the road, they’re usually worth the nominal investment.
Step 10: Close On Your Home Finally, after you’ve renegotiated and confirmed that the appropriate repairs were made (and made properly), you can move toward closing.