During the 18 month period between fall 2020 and spring 2022, multiple Offers and bidding wars were common and the Offer most often accepted by a Seller was one that was Firm, without any conditions.
In a balanced market, Buyers are more cautious about making Offers to purchase and homes usually take longer to sell. Buyers have an opportunity to take more time to investigate if a home is right for them. A Home Inspection is one of the tools they can use to help them decide.
A Home Inspector can be hired by a Seller or a Buyer. Costs will range based on the services provided.
Pre-List Home Inspection
While the Seller is preparing the home to be listed For Sale, particularly if the home is older, they may choose to hire a Home Inspector.
The Inspector’s report can be used to advise the Seller if there are any major issues to be addressed before the home goes on MLS. It also can be used to inform a potential Buyer of the state of the property, should the Buyer wish to proceed with an Offer without hiring their own Inspector.
Home Inspection as a Condition of Purchase
A Buyer can include a condition in their Offer that the results of their own Home Inspection must be deemed satisfactory to the Buyer, before the sale is considered Firm. If the Inspection identifies issues of concern to a Buyer, but they still wish to proceed with the purchase, a price adjustment may be negotiated.
A Home Inspection may not reveal all potential defects in a home, such as those concealed behind drywall, but knowing that an experienced professional has visibly inspected most major home components can allow a Buyer to make a more informed purchase decision.
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