The duration of the inspection period is a critical aspect that varies depending on factors negotiated in the purchase agreement. While there is no one-size-fits-all timeframe, it typically ranges from 7 to 14 days.
The inspection period is usually 15 days from the date you sign the agreement, but the parties can negotiate a shorter or longer period. Longer inspection periods benefit the buyer while sellers might try to shorten the timeframe to limit the likelihood that a purported problem will scuttle the deal.
For the average property, buyers should expect an inspector to spend anywhere from two to four hours on-site, then plan to receive their report between one and three business days later. Of course, the best way to get an idea of how long an inspector will take to deliver an inspection report is to ask them.
An average inspection takes about 2-2½ hours (1-1½ hours for a condo). The time is well-spent considering there are more than 500 components in the average home.
If the inspection precedes any purchase agreement, or you have an inspection contingency, these dealbreakers may be enough for you to walk away: Health hazards: If a home inspection uncovers health hazards such as asbestos, lead paint or other toxic substances, you may want to rethink your purchase.
The primary reason why a seller is not encouraged to be present during a buyer's inspection is: they might interfere with the inspector's inspection process. They might try to justify the condition of various aspects.
Water damage can be the most expensive of all the major issues a home inspection may encounter because it can cause so much damage.
According to some industry professionals, around 1 in 10 home sales fall through after the inspection. This statistic can vary regionally and depend on factors such as the age of the homes in the area. But nationally, about 10-15% of buyers decide to walk away from a purchase contract because of inspection findings.
Common Home Inspection Deal-Breakers
Inspectors look for curling, broken, or missing shingles, which may indicate the need for repair or replacement. Rotten wood, uneven areas, or water stains inside the house could point to deeper issues, like leaks or poor installation.
The amount of time a home inspection takes can vary, but it can usually be based on the home's size and if the inspector has any issues accessing certain areas, such as the basement or the attic.
Top reasons homes fail inspection
An aging, damaged or deteriorating roof. Missing flashing or shingles. Damaged siding. Rotted wood.
You should hear from the buyer within 7 – 10 days after the home inspection, but check with your real estate agent before assuming they've vanished. Your inspection deadline could be different.
For homebuyers, closing is the day they officially take over ownership of the property and receive the keys. For sellers, closing is the day they'll receive proceeds from the sale. During the closing process, all parties complete many important tasks.
Homes inspections are done on behalf of the buyer to give them an out if needed, so sellers usually cannot legally back out of the sale after a home inspection. In rare cases, sellers could be uncooperative and push the buyer into backing out after the home inspection to get out of the contract themselves.
In fact, if you're buying a home under construction, you should hire an inspector twice. The first time is so he can look over the home before the walls are closed, and inspect framing and systems installation. The second should be after the home is complete, so he can inspect everything else.
Essentially yes, you can always negotiate after a home inspection but whether or not the seller will agree to your negotiations is another matter.
Generally, the earnest money is refundable if the deal falls through due to inspection issues. Example: A home inspection reveals major structural problems.
Studies and industry experts estimate that 20% to 25% of real estate transactions fall through, with home inspections being one of the top reasons. However, not every inspection leads to a buyer backing out.
Home inspectors will look under small rugs — such as area rugs or bathroom mats — to ensure the rugs aren't covering up any damage. However, they usually won't pull up carpeting that has been secured to the floor because that can cause damage to the carpet.
Ongoing health risks High levels of radon, black mold, carbon monoxide, lead-based paint, and signs of electrical fire damage are all potentially life-threatening problems that cannot be fixed cheaply (or potentially at all). If your inspection flags one of these major issues, you're likely best off walking away.
The majority of those problems were minor and did not delay closing. However, about a quarter—24%—of new home buyers say their home did not pass the first inspection. Thirty-two percent said the inspector found minor issues. Thirty percent of buyers said their home passed the first inspection.
Yes, it's a good idea to walk around with the home inspector during the inspection. It allows you to see any issues first-hand and ask questions about any concerns. Many home inspectors will also provide tips on maintaining and caring for your new home.
A realtor will be as interested as you are in the state of the home they are helping you buy. Your realtor may take notes on issues found during the inspection. By being present for the inspection, the realtor will fully understand what they are writing up if a repair request is sent to the current homeowner.
Contrary to what you may have heard, appraisals and inspections aren't the same. While both services involve assessing the property, they serve different purposes and benefit prospective homeowners differently. Appraisals help you understand a home's value, while inspections help you understand a home's condition.