The home inspection is ordered and paid for by the buyer right after the contract is ratified. There is an agreed upon time period for home inspections that usually range from 7-14 days. The only inspection that is not paid for by the buyer is a Wood Destroying Inspection if the buyer is getting a VA loan. This Wood Destroying Inspection typically cost $50.
Home Inspections typically cost $1,000. However, if the home is on public water and sewer the home inspection will cost around $500.
Important Things to Note Regarding the Home Inspection:
- The buyer may choose to have a contract on a home with property inspections or as-is, both options give you the right to have home inspections if they wish.
- Buyer’s are responsible for home inspection costs depending on their loan type (VA loan types are exempt from paying for termite inspections).
- Buyers must hire a certified home inspector (this means don’t hire Uncle Joe the landscaper to conduct the inspections).
- Home inspections are like doctor visits for houses. The inspector will check everywhere from the foundation to the condition of the windows.
- Buyers will need seperate inspections for things like well, septic, and chimneys. These do not come standard with the basic home inspection.
- Buyers are allowed to be there! It’s recommended that the buyers attend the home inspection of the property they are purchasing. This is great time to ask the inspector any questions about the property!
- Ask questions about the home inspection report, the realtor or home inspector will help to fully understand what the report is saying.
- All repairs after the home inspection are negotiable. The seller can agree to some, none, or all of the requested repairs.
- Buyers are allowed to walk away. If they ask for specific repairs and the seller declines, the buyer is then able to walk away from the contract and received their Earnest Money Deposit back.
- All agreed upon repairs will be reinspected by the buyer right before settlement.
Click here to see a copy of the standard Property Inspections Addendum (MAR)