A home inspection can provide major peace of mind, or reveal major red flags, during the escrow process. Take this process seriously to make sure you can move forward confidently with your home buying process. A home inspection may feel like a formality if the home you are considering buying is relatively new or has been advertised to be recently renovated, but understanding the condition of the home you are about to take on is essential.
Are you still in search of right home for sale in Bend? We would love to help you find homes for sale in Central Oregon that meet your needs. Contact us any time to learn more.
To take full advantage of the benefit of a home inspection report, this is what you need to know.
What is a home inspection report?
After your offer is accepted for a home, you will enter the escrow period. During this period your lender is making sure that your funding is cleared to go through and that the home is worth what you are about to pay for it. Part of this process is the home inspection.
You will hire a licensed home inspector to review the condition of the home, looking at the major systems of the home and providing a report. The home inspection report provides valuable information about the condition of the property and can help you make informed decisions during the escrow period.
What should I look for on the home inspection report?
Take the time to thoroughly review the report and ask follow up questions if you have any. Pay particular attention to any issues regarding the safety or integrity of the home, including:
- Evidence of a renovation not being conducted up to code
- Termite damage or other pest infestation issues
- Plumbing leaks or other issues
- Problems with the electrical system
- Poorly functioning water heater, air conditioning, or furnace
- Any signs of water damage
- Presence of outdated or banned materials, like lead pipes or asbestos
- Hazardous materials, like radon
- Mold
- Cracks or damage in the foundation
What happens if something is wrong on the home inspection report?
In an ideal scenario, your home inspection report will come back with little to no concerns and you can move forward with a confident purchase. But what happens if this is not the case? If you see something on the report that gives you pause, there are a few things you can do.
First of all, make sure you are working with a real estate agent you can trust, who can provide you with professional advice to navigate the situation and negotiate to your advantage.
There are a few options available to you if you have concerns about something on the home inspection report:
- If you have a home inspection contingency in the offer, you can opt out of the purchase without penalty. In some cases, this is going to be your best move to avoid a major issue that is simply more than you want to worry about.
- Some problems can be easily repaired or replaced before you close on the home. You can negotiate with the seller to have the issue resolved before you close, sometimes agreeing on a later closing date.
- If you would like to hire your own contractors or do the work yourself, you might negotiate differently. You can either ask for a lower purchase price to accommodate for the condition of the home, or ask for a credit at closing to cover the cost of repairs. Many sellers in today's market are happy to provide this credit from their equity, as it requires no cash out of their pocket and can allow them to let go of a home with a problem.
To learn more about living in Bend, contact us any time.