Real Estate Inspection
When buying a home, there are many very intense steps involved in the process. One of these steps that can help to close the sale is a real estate inspection. The purpose of a real estate inspection is to show the buyer the home’s condition, as well as address any potential problems that may be happening with the home’s structure, electrical components, roof, appliances, etc. Realtors often help buyers make the final sale dependent upon the real estate inspection, and will put a clause in a bidding contract ensuring that there will be no final sale until this inspection is complete “to the buyer’s satisfaction.” This means that if the home inspector finds any problems or flaws, the potential buyer can request to the seller in writing that they repair these items and provide a receipt before the contract is complete and ratified. On the other side, the seller may also refuse to make these repairs, and move on to the next bidder. The seller’s response usually depends on a few factors.
Some of the most influential factors when negotiating deals dependent upon a real estate inspection include the current climate of the housing market, and how many people are interested in the subject property. For example, if the housing market is “hot” and a potential buyer will not sign a contract until repairs are made, the seller may move on to another bidder who is ok with the home as it is. In fact, some buyers won’t even pay for a real estate inspection if they find a house they love when the market is doing well. The real estate inspection can be a very important bargaining chip for both the buyer and seller, depending on the market and how savvy the real estate brokers are. A good broker knows how to use the inspection to either party’s advantage.