While you listen to this rousing theatrical song "Hey Look Me Over" think about what a property inspection can do for you....and what it can't.
As a buyer, the property inspection gives you a good look at the house you have fallen in love with and decided that this house was where you want to park your family and your money in a 30 minute viewing! Now really, is that how you make these huge life decisions? You give them all of 30 minutes? Well, during the property inspection, you get a chance to re think that decision, measure for your sectional and that 82 inch flat screen. You pay the inspector to give you a thorough snap shot picture of your new home, exposing any and all of its flaws that he can find on a particular day during a particular time. Remember, you have already negotiated the price and terms; technically the property inspection is for your information only. The seller is not obligated to do the repairs indicated on the report, but then again, you are able to change your mind about buying the property based on the report if you can't reach agreement with the seller on repairs.
Here is what can't be done. The buyer owns the property inspection, and it is for the buyer's sole use. If the buyer decides to back out of the purchase based on the inspection report, the seller cannot use that same report for the next buyer or for any other reason. In addition, the lender cannot use the information in that report to demand repairs; if the lender wants to require certain repairs be done to the property before funding the loan, then the lender needs to pay for another property inspection as a client of the inspection company.
Property inspections are important for a variety of reasons; they allow the buyer to spend time getting to know the property. They give the buyer a good idea about maintenance issues and items that the buyer should schedule to protect his investment. They give the buyer a good picture of the condition of the property at the time of the inspection, and the purchase.