Home Inspection And What Home Sellers Need To Know

In Greater Chicago, a home inspection will take place after the buyer and the seller have agreed to a contract for purchase and sale and before the closing. Usually the contract is contingent upon a home inspection.  The home inspection process begins when the buyer orders and agrees to pay for the home inspection. Hence, all home inspection findings become the property of the buyer.

In a home inspection, a certified and unbiased inspector walks through the home and thoroughly examines anything and everything that might become a problem after the closing. This includes inspection of the real estate, including the foundation, siding, roofing and checking for leaks in the basement. All appliances included in the sale are also inspected.

The home inspector may take pictures of items of concern. After the inspection, the inspector submits a full home inspection report to the buyer.  Home inspections usually take around three or four hours depending on the size and condition of the home.

What To Expect In Home Inspection Process?

Home inspector is hired by the home buyer to examines anything and everything at the house.

The home inspection process can be unnerving for sellers. Yet, it remains an important phase of the selling process. It is typical for problems to arise in a home when the real estate is inspected. The purpose of a home inspection is to make buyers aware of the condition and quality of the home’s infrastructure so they know exactly what they are purchasing and what repairs they may have to make in the future.

If the seller’s disclosures were accurate, there is usually little to worry about.  However, it is possible that the seller has no knowledge of certain defects that may have come about recently.  Usually the buyer or the buyer’s agent or both are present at the home inspection. The inspector will walk through the home and around the grounds and point out problematic issues. Some could be very minor.

Home inspectors may show the buyer how to use certain appliances and home systems that are specific to the home.  It is suggested that this wait until the end of the inspector’s walk through so that he is able to concentrate on the task at hand. Interestingly, in  the area of the North Shore of Chicago, it is common to have a home that backs up to a ravine. In this case, a separate inspector who specializes in landscaping and ravines could be asked to accompany the inspector.

What Home Sellers Need To Know?

Due to the fact that buyers are responsible for the home inspection and that both agents are suggested to be present, the seller does not need to be home at the time of the inspection..  If any issues come up, the buyer’s agent will share the issues with the seller’s agent. It is the home inspector’s responsibility to point out anything he believes may impact the buyer’s risk with the property.

The home inspector points out anything that he believes may impact the value of the house.

At first, this can make the home inspection process seem excessive but the inspector must report everything, even an inoperable outlet.  An inspector does not turn on certain mechanical systems that are already working, such as a furnace. To avoid any large issues that may deter buyers, a seller can order their own home inspection to anticipate or verify the buyer’s findings.

This can give the seller confidence to address any problems revealed in the buyer’s  home inspection report. This inspection ordered by the seller is not to be used in the sale of the home but rather as helpful information for the seller in case there are discrepancies.

What if Repairs Are Necessary?

If isses are found during the home inspection, the buyer may: renegotiate the price, cancel the contract, ask the seller perform repairs or ask for credit at closing.

If there are problems in the home inspection, the buyer must decide if they are willing to deal with them and proceed with the purchase  or, if the issues are too serious and expensive, if they will cancel the contract for purchase and sale. If there are major issues that the buyer feels are deal breakers, they can ask the seller to fix the problems before the sale is completed or the two parties can negotiate a settlement.

If the buyer would like to oversee the work and would like to fix the repairs, they may ask for a seller concession in which case the seller concedes an appropriate portion of the sales price to be allocated towards repairing the problems.  This can be a popular solution if a home needs major work that cannot be completed within the original time frame of a closing.

It is important to consult your real estate broker and decide how to best address home repair issues.

The home inspection process is a common and necessary practice for anyone buying or selling a home in today’s market. It is important for the seller to understand what should be repaired in order to sell as well as what repairs can be negotiated before closing.  If and when issues come up, it is important to consult your real estate agent and decide how to best address any deficiencies with the property.

When you decide the time is right to buy or sell your Chicago home, give the Delphine Team a call at 847-550-3599.

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