Not sure how a home inspection works? Home inspections play a big role in the home buying process. Can a home inspection fail causing you to lose out on your dream home? Lets dive into that right now!
1) Did my home inspection pass?
There is no pass/fail on a home inspection. A home inspection is done for your own benefit by a 3rd party vendor. You don't have to have a home inspection to buy a house, but that wouldn't be a very smart idea. I don't care if this is your 100th time buying a home, it is always a good idea to get another set of eyes on the home before you close!
Some lenders require the house to meet certain criteria in order for it to pass the loan such as VA or FHA. Those lenders will have the house evaluated during the appraisal process and is not part of your home inspection process.
2) What is the purpose of the home inspection
The home inspector's main job is to fully evaluate the home, and supply you with a report of what things work in the home, what things don't work, and what things would need to be monitored / fixed down the road. It would be then up to you to figure out if this is a home that you still want to take on.
Once the inspection is over, you will typically receive a full copy of the report in your inbox. Depending on how your contract was written, this is when you would put together your inspection response for the seller. I always let me clients know, here are the 3 options we have when negotiating repairs:
Ask the seller to fix the repairs prior to closing
Ask for a price reduction in lieu of repairs (I would normally only recommend this if this were a cash offer)
Ask for a credit towards your closing costs in lieu of repairs.
A lot of people assume a home inspection is just part of the loan process and that these are done on a pass / fail system. As you can see here, that is not the case. If you have more questions about what to expect during a home inspection, check out my Buyers Guide To Home Inspections here.
What questions do you have about this process, feel free to shoot me a message @ Paul@SoldByPaulLinn.com or 317-629-0070