Types of Home Inspections
The current situation of the real estate market can leave Consumers unknowingly being treated unfairly when buying a home. As buyers find themselves in bidding wars, they feel pressure to keep their offer competitive by forgoing a home inspection. This creates huge financial risk with unforeseen problems lurking that include wet basements, mould in attics, structural problems, unsafe electrical systems, obsolete plumbing systems, heating, and cooling equipment at the end of its life, and worn-out roofs. Many homebuyers do not have the resources to handle unexpected repairs.
A home inspection is critical. Here are some of the types of inspections available.
PRE-LISTING INSPECTIONS For Every Resale Home
A pre-listinghome inspection is performed before the property goes on the market, with the report available to prospective buyers. We believe this is the best solution, creating a level playing field for all parties. It is simple, fair, cost effective and readily available. It protects both the seller and the buyer. It brings serious, well informed prospective buyers to the table, and protects sellers and real estate agents from lawsuits by unhappy buyers. Every home listed for sale should have a home inspection.
A cooling-off period gives home buyers a few days to confirm the sale. This is a very good solution that allows time for a home inspection. Sales of new condominium units already have a 7 or 10-day cooling off period. This concept is very similar.
A pre-offer inspection is performed by a prospective buyer before making an offer, allowing them to make an informed decision on whether and how much to bid on a home. One possible disadvantage is the buyer may not be successful and may waste the inspection fee.
In some markets, sellers are not allowing a home inspection. We consider this practice grossly unfair and believe it should be disallowed. A 30-minute walk-through is no substitute for a 3-hour professional home inspection.
A post-sale home inspection is performed after the buyer takes possession of the home. It provides the buyer with great information about the home, but it is too late to help them make an informed buying decision.