Although it may seem obvious, there has been some confusion lately in the media and with some prospective buyers as to what exactly a home inspection is for.
A home inspection is a service that a buyer can elect to buy prior to closing on their desired home. The inspection is not mandatory in Massachusetts but a good buyer agent will encourage you to have one. The inspection may or may not include structural, pest and radon. A buyer agent can help explain the true purpose:
· to educate the buyer about home ownership and a home's components
· to determine if there are any serious structural, mechanical or other defects
Trying to look for ways to ask for more money off of the sales price is not one of the purposes of a home inspection. The Greater Boston Real Estate Board standard Offer To Purchase form specifies "if it is the opinion of such inspector that the property contains serious structural, mechanical or other defects and if the repair of such defects would cost the BUYER in the aggregate of (typically) $500.00, then the BUYER shall have the option of revoking the agreement by written notice to the SELLER." The operative word here is "serious"--this means that if termites are eating down the foundation or something equally applicable not small issues. The offering price should have already taken into account the current condition of the home.
If a home inspection yields serious issues, the BUYER and SELLER should make every attempt to work through them with the REALTOR as a guide. So if some wiring is exposed at the electrical box, an electrician can be contacted for an estimate of the repair.
Most issues can be resolved as long as all parties are aware of their obligations as well as the actual purpose of the inspection.
Check out my website at www.franklinmahomes.com for more resources.