The Advantage Of Home Inspections

Dated: 03/30/2017

Views: 411

by Rick Albright, Associate Broker

The M Real Estate Group

    

    One part of the real estate transaction that may be a cause for anxiety is the home inspection.  Negotiations concerning price and other points have taken place up to now based upon the perceptions of both the buyer and seller about the condition of the home. The property inspector provides solid data about the systems and structure of the home that could end up being costly, but which could also help to avoid more costly litigation.


    The obvious remedy to defects in the systems is for the home owner to be diligent about maintenance. Since home owners are human it is possible that often times maintenance is deferred. Sometimes the defects are not readily observed. It could be that the water heater is past it’s warranty date and is ready to malfunction during the time the house is on the market. It is important to understand the role of the inspector, and what is inspected.


     New Mexico does not have a system of regulating nor licensing home inspectors (a bill that would have caused that to happen was tabled in the NM legislature this year). In seeking the service of an inspection company, make sure that their inspectors are certified by a professional home inspection organization. This insures they have the appropriate education and training. There are many home inspection companies, so to insure a good price make sure you contact at least three of them and ask their prices and what services they offer before you choose one. Usually your realtor will have a list of companies prepared for you.


     The home inspection makes sure the home does not have serious defects beyond any revealed in the property disclosure form. The inspection provides a comprehensive visual inspection of the structure, mechanical systems, and other problems that occur in homes over time. The discovery of defects allows the buyer to continue the negotiations with data upon which they can base their decisions.


     The following is a list of commonly inspected components in the home:

  1. Roof

  2. Heating & Cooling Systems

  3. Solar Systems

  4. Water Heater

  5. Sewer Lines

  6. Duct Work

  7. Structure

  8. Indoor Air Quality

  9. Mold

  10. Asbestos

  11. Insects & Other Pests

  12. Lead Paint

 

    The inspector prepares a report for the buyer and seller. Whatever defects are found become points for further negotiations. The extent of repairs and who pays for which repairs should have already been anticipated in the purchase agreement. Generally, the seller is expected to repair the defects, after which a re-inspection is ordered to insure all defects are remedied. If there are still problems the buyer can consider withdrawing the offer. It is advantageous for both parties to work out the problems if the transaction is to continue.


Thanks to A&R Building and Home Inspection for the great presentation made to The M Real Estate Group on February 17th. It was informative and the basis for this blog. Thanks to GAAR for providing the information about the legislative bill that was tabled.

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