From your Friends at ALLIN Home Inspections, Inc.
A home inspection is one thing that you can’t and shouldn’t skip.
“When does the home inspection usually take place? Is it before or after the purchase agreement is signed? Can I back out if the home inspector discovers a serious problem?” Those are just among the few questions any new homebuyer has. That’s clearly normal because purchasing a home is not a cheap investment and there are many things to consider before doing so. But one thing’s for sure, a home inspection is something that you should never skip.
Typically, the home inspection takes place shortly after the seller accepts the buyer’s offer. In a standard real estate transaction, you should get a home inspection as soon as the purchase agreement has been signed by both parties and the house is now in escrow. Even if the seller has already accepted the offer, the buyer can still reasonably back out from the deal, especially if the home inspector unfolds a serious problem that is either costly to fix, or worse, beyond repair. Most buyers include a home inspection contingency. It allows them to back out from the deal without losing their earnest money deposit.
Outlined below shows when the home inspection takes place relative to the home buying process:
- When the home buyer finds a property, he/she then makes an offer to the seller.
- The seller then accepts the buyer’s offer depending on how the back-and-forth negotiations regarding the price, closing date, and seller concessions would go.
- If the home buyer is using a home loan to purchase the property, the buyer should provide a copy of the signed purchase agreement to their mortgage lender and then hire a home inspector.
- If the buyer is paying in cash, he/she will then hire a home inspector to thoroughly conduct the property. A home inspection should cover all major components of the house including the roof, attic, foundation, electrical systems, plumbing systems, HVAC, and major appliances in the home.
- Typically, a home inspector spends about 2 to 5 hours to thoroughly inspect the home and review any issues to the buyer. The home inspector then provides a detailed inspection report complete with photos.
- The buyer, along with his/her agent, then decides which items to repair and which items to leave as is.
- Both the seller and buyer can negotiate regarding the repairs. The seller can either agree to fix them all or not. The seller is under no obligation to repair any discrepancies.
- After a back-and-forth negotiation with the seller following the home inspection, the buyer usually has the opportunity to back out from the deal if both parties are unwilling to accept the issues noted.
“As a first time homebuyer, ALLIN Home Inspections as a home inspection company was excellent! Michael was my inspector and I couldn’t have had a better inspector to deal with. He was very professional, very helpful with his advice and knowledge on inspections and construction, and was very honest with me on the inspection itself. I was appreciative because he told me what was wrong with the house and how to fix the issues, what to keep my eye on for future repairs, and also by providing general knowledge on houses and inspections. I would highly recommend ALLIN Home Inspections and Michael to anyone looking for a quality home inspection!” – Review of ALLIN Home Inspections, Inc. By Steven Brown
So, that wraps up the home inspection process. You should get a home inspection when the house is in escrow – the period after the purchase agreement has been signed and before the closing date.
For home buyers, it is always a wise decision to have a home inspection sooner to give you time to move on to the next suitable property if the inspector uncovers issues you are not comfortable with. For the sellers, a home inspection prior to listing on the market is the best option to give you more time to fix any issues and be confident with your property.
If you or someone you know is purchasing a home and needs a quality home inspector in Sterling, IL, be sure to give ALLIN Home Inspections, Inc. a call (877) 545-6639 Today or Click To Schedule Online 24/7 Right From Our Website.
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The 25th largest land area of all US, Illinois continues to grow in the real estate market despite economic downturns. While home buyers are in a good position to make purchases, let this experience be a significant one with ALLIN Home Inspections, Inc., your expert Home Inspection Sterling IL company.
Don’t trust just any Illinois home inspector with your current or future home. Get an inspector who takes the time to give you the proper evaluation and thorough education on your home. ALLIN Home Inspections, Inc. has some of the best home inspectors who are certified and licensed by the State of Illinois. Our years of experience have built a reputation Illinois home buyers have held high regard in.
We take great pride in the level of commitment we put in every inspection we perform. Our Sterling home inspectors are highly experienced, extremely thorough, and detailed in providing a report with the information you need to make your buying decision with confidence.
Call (877) 545-6639 Today or Click To Schedule Online 24/7 Right From Our Website