In random order, I present to you seven different ways in which a home inspection report can be used by parties of a real estate transaction for mutual advantage and benefit.
- Buyers can consider the reported conditions of the home’s systems to determine their ability to afford and maintain the property. A home with a 12-year-old water heater, an 18-year-old furnace, and a 25-year-old composite-shingle roof is going to need some costly investments in the near future.
- Buyers can sometimes use information regarding undisclosed defects to negotiate the seller’s action to repair the defect(s) or adjust the asking price for the home.
- Sellers can obtain a home inspection and use the report to disclose known defects to potential buyers.
- Sellers can obtain a home inspection and use the report to identify and correct significant defects that could interfere with a buyer’s desire to submit a contract to buy the property.
- Buyers can use the inspection report as a punch list (or to-do list) for maintaining the property after purchase.
- Buyers/Sellers can use the report to communicate to contractors the nature of the defect(s) to obtain estimates for repair or to arrange for repairs or replacements.
- Buyers can sometimes use the inspection report as a means to withdraw from the contracted agreement to purchase the home when certain types of undisclosed defects are reported.
This story courtesy of: Home Inspection Services of Missouri
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Reggie Russell - Owner.
