10 Frequently Asked Questions Regarding Real Estate Inspections
Who is Required Or Permitted To Attend The Inspection?
Attending the Real Estate Inspection is a valuable experience for the property buyer and future owner. The inspector should allow you to take part in the inspection process. By doing so, you will then be able to see first hand what potential problems if any currently exist or may soon arise. Having an understanding from attending the inspection with the inspector will provide you, the buyer and or seller with knowledge for properly maintaining your investment in the future.
Should The Inspector Be Specialized In Residential Real Estate Inspections?
I would encourage you to ask the inspector about his or her abilities and specialties. There are many forms of real estate, and all require a specific inspection criteria to be followed prior to the purchase and or sell of the property. Commercial real estate is quite different from residential real estate, whereas different build requirements are implemented into the build process, therefore requiring the inspector to be mindful of different techniques normally not found in residential inspection. However, one thing is common in any real estate inspection, and that is insuring the safety of the property for the occupants.
Is It Okay For The Property Owner To Perform The Inspection?
Inspecting your potential investment on your own accord is not recommended. Professional real estate inspectors are specially trained to evaluate certain areas of the property you might over look. Unless you are a licensed inspector, it is highly recommended to seek out the consultation from a professional real estate inspector.
What Is Covered In The Home Inspection?
Have you ever heard the term not all things were created equal? The same terminology goes with inspectors. Furthermore, not all real estate inspectors cover the same material in their scope of the inspection, and it ultimately depends on the requirements established by your state. However, this does not guarantee that the inspector you choose will simultaneously inspect for those required items said forth in your states requirement. Before calling your list of inspectors, make sure to educate yourself on the list of requirements for inspectors set forth by your governing state. In this instance, we inspect according to the TREC Standards of Practice, and on the home page of this website if you click on the TREC Notice you will be taken to a descriptive page which describes this matter in more detail.
Is The Inspector Experienced?
We encourage everyone to inquire about the inspector’s level of experience as well as ask for professional references. Real estate inspectors who are confident in their service, and abilities should willingly supply you with a list of references that will confirm they provide quality customer satisfaction.
How Long Will The Inspection Process Take?
Knowing the length of time for an inspection is important, because appointments normally have to be arranged with a realtor, and the current owner for the inspector to examine the property. Since a quality real estate inspection requires a thorough evaluation of the entire property involving a multitude of aspects, it normally requires three hours or more to complete the inspection, but that factor is mostly decided based off age as well as the size of the property in question. The real estate inspector you choose should provide you with an accurate estimate for the approximate length of time needed to successfully complete the inspection.
What Type Of Inspection Report Is Supplied And How Long Does It Take To Submit?
In most states, a notice acknowledging that an inspection was completed as well as a detailed report of the findings procured from the inspection process is required before purchase. As per specific state requirements for what is inspected, usually it will be listed on the inspection form. Again, in this instance all real estate inspections will be performed in accordance to TREC Standards of Practice.
- What Is The Cost Of The Real Estate Inspection?
The cost of the real estate inspection will vary greatly, and normally will come out of pocket from the potential buyer. Due your homework, and talk to a variety of different real estate inspectors, especially if you have never used one before. Keep a running list of comparative information on each one so as to determine which is best suited for your need. Costs can vary widely, depending upon the size of the property, age, and the region in which you are making the investment purchase.
9. What Happens If There Are Problems Found During The Inspection?
There are occasionally problems that can arise during an inspection. The seller of the property is not required to repair any issues with the home that the inspector may find. As the buyer, you and your Realtor can negotiate for the repairs to be made prior to the close of the property. However, if the seller is not willing to complete the repairs, you will then need to make other arrangements and or agreements in contract from the seller to the buyer and so forth. Your Realtor should be able to handle all of these contractual agreements for you. A home inspection helps protect you from those situations and gives you a negotiating point for repairs to be completed before or after closing.
10. Is It Possible For a Property To Fail An Inspection?
The real estate inspection is designed to enlighten the client on all major deficiencies of the property in question. It is also the job of the inspector to protect as well as promote the rights and understanding of the client. The inspector should allow you, the client to attend the inspection process. There may be certain requirements that the property must meet in order to receive financing from your lender in order to close on the sale. This does not mean the property has “failed” the inspection, and will not be able to be sold and or obtain financing on. It simply means there may be items listed in the report which need to be addressed appropriately prior to the closing of the sale. Also see,