What does a home inspector do and how does and inspection figure into the purchase of a home?

Asked by Trulia Bronx, Bronx, NY Mon Apr 22, 2013

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7
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Jul 2, 2013
Typically your Home Inspection will alert you to problems in five key areas, and these key areas directly relate to the contract of sale:

1. Foundation: sound and solid
2. Roof free of leaks
3. Plumbing working and leak-free
4. Heating system sufficient and operating
5. Electrical system sufficient and up to code

If there is a serious problem with any of these five items, typically the Seller has a responsibility under the terms of the contract of sale to repair the problem at their expense, not the Purchaser's expense. Sometimes a Purchaser will receive a credit at closing to repair one of these items (assuming the home and the defective issue has not compromised the Lender's appraisal). When the Purchaser receives a credit at closing, the amount of the credit is based upon legitimate estimates for repair and negotiations between the Attorneys representing each party.

Other items you discover are in need of repair/upgrade (i.e. diswasher not operating properly; air conditioner on second floor inoperable, etc.) can be negotiated for a repair credit or replacement at the Seller's expense. Again, these negotiations are handled by the Attorneys.

It is extremely RARE that a purchase price is reduced due to repairs from a Home Inspection. Best to consult with your Attorney for more detailed information in this area.

If you don't already have a good real estate Attorney and you're shopping for homes, you need to reverse your process. First, get properly prequalified for mortgage financing by a Local Mortgage Banker. Second, line up your Attorney. Third, line up your Home Inspector. Fourth, line up a great local Realtor with personal experience in the area in which you'd like to buy.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes
John Lajara, Agent, Riverdale, NY
Sat Apr 27, 2013
Hello.

A home inspectors job is to give you a complete overview of the homes condition so you know what you're getting yourself into. If any repairs have to be made, you can either put them in the contract if the seller agrees to fix them or you can request a credit for the repairs. A home inspection is a must before signing a contract even with new constructions. You just never know what you made find.
0 votes
Miriam Rosa, Agent, Bronx, NY
Mon Apr 22, 2013
A home inspector is hired by the buyer to find out about the condition of the home and to evaluate the structural integrity, electrical, and mechanical systems of a house prior to purchase. The inspection report is helpful in negotiating adjustments to the sale price if repairs need to be done.
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Apr 22, 2013
Home inspector allows the buyer(s) to learn more about the condition of a property beyond what one can see with the naked eye. Inspectors k ow what to look for to be able to determine the current state of a home's vital organs.

Electrical, plumbing and roofing among other things, are so criticality any buyer in determining if they'd continue to pursue a property or not.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes
Tom Sommers, Agent, Lakeville, MN
Mon Apr 22, 2013
Short answer is they inspect your home on your behalf. They are in your corner to point out anything that could be a potential problem with the home you intend to buy. You need a profession with experience to find things most people miss. It is the best insurance policy money can buy.

Good luck,
Tom
0 votes
Eric R. Mirz…, Agent, Northridge, CA
Mon Apr 22, 2013
A hoem inspector is hired by the buyer to inspect the home and find all the potential/ existing problems with the home. The report is then given to the buyer for the buyer to decide if they still want the house, ask seller for repairs, etc...
0 votes
Tina Lam, Agent, San Jose, CA
Mon Apr 22, 2013
A home inspector inspects homes.

The inspection helps you decide if you still want to purchase the home.
Web Reference:  http://www.archershomes.com
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