Decoding the Lingo: Home Inspection and Inspection Deadlines

Every home has a secret (ok, several secrets).  If you squeeze your cantalope or test drive your car before chosing to buy it, then you know what a home inspection is all about.  A friend of mine (Keith Klassen) wrote an excellent newsletter article not too long ago listing the many reasons a professional inspection from a non-biased, skilled professional lead to better purchasing descisions.  Keith has extensive employment history in construction, real estate, and investment.  Even he extols the value that having a outside party provide an inspection report.  In many contracts, the inspection deadline indicates the date the buyer must have an inspection report delivered to the seller along with any requests for corrections and repairs.  The seller and buyer agents then fax each-other back and forth the negotiations on what will be fixed by whom, or what other concessions will or won’t be made. All negotiations and the actual work to resolve the issues agreed upon must be completed before the “inspection resolution” deadline.  The buyer can employ any number of inspectors and inspection types.  Common inspections include a standard home inspection, roof inspection, sewer line inspections, Radon tests, and inspections covering a particular aspect of concern (ie. an older boiler, an unusual building type, mold tests, structual engineer report, soils report, etc.)  You real estate agent should help you understand the pros and cons of these as you weigh the cost to benefit levels for each.   The bottom line is ”secrets don’t make friends,” and it’s easier to love your new home when you know exactly what you are getting into.  Even small things can really irritate when discovered the day after closing.  So make sure you get the professional inspections that fit the property’s circumstances.  Remember, it’s the buyers job to pick inspection companies they can trust.  Don’t skimp on doing some research.  In real estate, nobody likes surprises.