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Why are home inspections important?

Home inspections inform the buyer and seller about the condition of the home. Many San Fernando Valley sellers pay for a home inspection at the time they put their Sherman Oaks, Encino, Van Nuys or North Hollywood properties on the market so they can address any potential issues that potential buyers may be concerned about. .

This is a good opportunity for the seller to fix or repair any legal items you are required to comply with, such as bringing your water heater up to earthquake code, upgrading toilets and showers, and installing smoke detectors to state codes. If there are other items that the seller or their real estate agent believe may affect the price of the home or the time it may take to sell the home, then the seller may want to make some of those repairs if they are warranted and will help. get the house to sell for the maximum dollars and in a short period of time. Or the alternative is to offer concessions to the seller-buyer.

Buyers should complete a home inspection during the contingency period of their lease so that they are aware of the condition of the home and can make an intelligent decision about whether to purchase a Valley home, condo, or townhome. Saint Ferdinand. This will also avoid surprises after closing.

as is the condition

Although most San Fernando Valley real estate is sold “as is,” meaning the seller is not required to make any warranties or repairs except for legal items, the buyer must still negotiate a contingency of inspection in the purchase contract that gives them the opportunity to perform an inspection. Bank foreclosures and short sales are also always sold “as is.”

The purpose of the home inspection is to determine any problems with the home during the inspection contingency period and to give the buyer the opportunity to move forward with the sale, ask the seller for concessions or repairs, or cancel the contract if the inspection reveals major repairs. or structural damage to the home.

What is covered in a home inspection?

Typically, the buyer pays for a licensed home inspector to perform a physical inspection of the interior and exterior of the home. The inspection includes inspection of the general home systems such as plumbing, electrical, heating, air conditioning, and roof condition and the condition of appliances. A home inspection can cost around $250.00 – $500.00 and more depending on the size of the home and the type of home, condo, townhome, etc.

The home inspector does not perform environmental inspections for mold, lead paint, asbestos, radon, etc. If these conditions are found to exist in the home, the inspector will recommend that further inspections be conducted by the appropriate inspectors. Some home inspectors will provide these services at an additional cost. It is then up to the buyer to hire the appropriate professionals to perform these additional inspections, ask the seller for concessions or a price reduction, or cancel the contract.

When you may not need a home inspection

If you plan to demolish the house and rehab it, then you probably don’t want to spend the money on a home inspection. You may want to get a geology report or soils report and survey to determine property lines. If you are buying a condominium or townhouse, it is not necessary to obtain a survey or geological report. However, you will want to review the natural hazards report to determine if you are in a seismic hazard zone from flood, fire, or earthquake.

In a seller’s market, it was common for buyers to waive inspection contingencies, especially in a multi-bid situation. However, it is generally not recommended that the buyer waive the inspection. However, it is a personal decision for the buyer to make.

Home inspections are an inexpensive way to determine the condition of your home. For buyers, it’s important to get a home inspection done to avoid a costly mistake when buying a property that needs major repairs, has structural damage, or is affected by environmental hazards. Every buyer’s motivation to buy is different. Some buyers are willing to buy properties that are considered major repairs for the right price. Others want move-in ready properties and don’t have a budget for major repairs.

An inspection will reveal material problems about the home that the seller or their San Fernando Valley real estate agent may not be aware of and therefore did not disclose in the transfer disclosure statement. As a buyer, you don’t want to rely solely on the seller’s or real estate agents’ transfer disclosure statements. It is your responsibility to complete your own research on the property you are potentially purchasing so that you know what you are getting yourself into.