Home Inspections and the Buying Process
Bergen County Real Estate Show Episode 8
Thanks for watching episode 8 of the Bergen County real estate show where we’re going to discuss inspections what they are and what they mean to the home buying process.
What is an Inspection?
So the first thing you need to know is what is an inspection. An inspection takes place after a contract is reached in a transaction in northern New Jersey. What happens is you hire a licensed inspector to come to the property and inspect the property for any latent defects. That inspectors going to go through it’s gonna take about an hour to three hours depending on the size of the home and the condition. They’re going to look through the house and check out the heating system the plumbing electric the foundation the roof all the systems of the house to get a good picture of what the condition of the house is.
Who attends an inspection?
An inspection is typically attended by the inspector obviously and the buyers and the buyer’s agent. Most times a seller or a seller’s agent will not attend so that the buyer and their buyer’s agent can spend time walking through the house and have an honest conversation.
What Happens at the Inspection?
While you’re going through the house you’re going to want to ask the inspector questions. What are maintenance tips? What are the things that you’re going to need to do on a weekly monthly or yearly basis to maintain your home properly. They’re very educated on what it takes to maintain a home and the different systems Now is a great opportunity for you to ask questions and understand what it’s going to take to be a homeowner in this particular home.
What happens after inspection?
A few days after your inspection you’re going to get a written report of all of the findings that the inspector found in the house. Some of them are going to be very minor. Maybe it’s a light switch that doesn’t work or a minor crack in a wall. But what you’re going top be looking for are the big issues in that house. Is the foundation cracked? Is the roof leaking? Are there electrical problems? Are there fire hazards?
Those things are the things you’re going to want to look at and understand does this change the value of the home and does it mean that you still want to buy this home. You’re going to look through the report, discuss that with your agent and your attorney so you understand the overall condition of that house.
Once you have that report you’ve discussed that with your agent and your attorney you
have options. You have five main options after you get your inspection report.
Ask for Repairs
The first thing that you can do is ask for the repairs to be taken care of. Is there a leaky roof? Can it be fixed? Is there an electrical problem maybe there’s a double tap in the electrical box? Maybe that’s something that can be addressed and have someone fix it.
Ask for a Credit
The second thing that you can ask for is a credit. So has this changed the value of the home and would you like a credit on that purchase price so at the end of the contract you can ask for a certain amount to help you pay for those fixes after you own the home.
Ask for a Price Reduction
The third thing that you can do is ask for a price reduction. If you have a chimney that’s
in disrepair if you have a roof that needs to be replaced immediately if you have a heating system that doesn’t work. You might ask for a price reduction to account for the difference in value from what you found in that inspection report.
Accept the Home As Is
Your fourth option is to accept the home as is and not request any concessions. This will be done when there is competition for the home or if there are no major issues that need to be addressed.
Cancel the Contract
The last thing that you can do is cancel the contract. If it really is something major if it’s changed the value of the house you can cancel the contract. You have that right as a buyer to cancel at that point.
What Can the Seller Do?
Now as you bring those issues to the seller they have the right to negotiate those things. They have the right to fix those things or accept what you’re offering or they
have the right to deny and may lead to a cancellation. If those things can’t be worked out between the two parties.
Thanks for watching this week’s episode of the Bergen County real estate show where we discussed inspections and what it means in the buying process. I hope you enjoyed what we’ve shared this week. If you have any questions let us know. If you know anyone that’s going to be going through the buying process or the selling process
please share this with whoever you feel might benefit from the information that we shared. If you’d like to catch our other episodes you can find them at BergenCountyRealEstateShow.com or we share them on social on Facebook and Instagram @gibbonsrealestate. Again I hope you enjoyed the video and we’ll see you next time.
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