Home Inspection and Final Walkthrough
You have found the house you want to purchase. You and your realtor have done the leg work to figure out the home’s value in the current market. How do you safeguard your offer and give yourself extra protection if something goes wrong? Two ways to do this are a home inspection and final walkthrough.
Inspections You Should Require
You should have a professional engineer go through the house and seek out potential problems. You are not used to looking at some things that a professional will find. Even if they are not things the seller is expected to repair, at least you will have foreknowledge of any potential problems.
The seller will want this inspection performed quickly, so that you can approve the results and move forward with the purchase. Once you receive the inspection, you will want to allow yourself sufficient time to review and approve the report. If you do not approve the report, you may negotiate with the sellers on which repairs should be performed and who should pay for those repairs. Otherwise, you can cancel the purchase without penalty, provided you have included timetables in your offer. In addition, you may want to have a Termite Inspection done – and of course your lender will require an Appraisal.
Allow a maximum of ten to fifteen days to receive the report and five days to review it.
Final Walkthrough Inspection
Before closing, you will want to revisit the property to ensure it is in the condition you have required in your offer, and to inspect that any required repairs have been performed. You should do this no sooner than five days before you intend to close. Make sure this right to do a final inspection is included in your offer to purchase the home.