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A home inspection can offer assistance to
a seller who is trying to provide accurate disclosure and a home
inspection can assist a buyer in understanding the condition of the home.
The laws of many states allow the buyer
and seller a few days to complete the professional property inspection
process during a home sale transaction. The results of the inspection can
impact your current negotiations and delaying the process could have legal
ramifications.
If a buyer delays the professional inspection process, his refundable deposit money is put at risk. Closing escrow without the benefit of a professional inspection, the Buyer and Seller will stand alone to defend and resolve unforeseen problems in the home.
The Inspector
A professional inspector is third-party,
independent of the transaction, although "strongly recommended" many times
throughout Nevada Real Estate documentation. S/he visually inspects and
detects adverse conditions in a home, as well as favorable conditions.
S/he investigates, operates and systematically identifies the major
systems and components of the home.
The inspector is addressing health and
safety issues, making recommendations and counseling on repair options and
maintenance. As a buyer, be prepared to attend the inspection.
Professional inspectors will not perform
or offer to perform any repairs to a home, eliminating potential for
conflict of interest. Health & safety concerns, adverse conditions and
required re-sale corrections are discussed and documented by the
inspector. Issues can be anything from minor roof repairs to improper
venting causing carbon monoxide emission or a fire hazard. A defective
light switch to structural failure. Sometimes issues suggest maintenance,
some require repair; all are health and safety issues that a buyer wants
to know about.
An inspector is a trained generalist,
identifying and sorting through the multitude of major systems and
components, meeting state required "physical condition disclosure"
requirements.
The Inspection
Report
The inspector's report is an important
tool in Real Estate transactions. It is the only document that details the
product being bought and sold. Once conditions are defined, it is up to
the buyer to decide if the current condition of the home will meet his
financial and family needs. The buyer decides what is acceptable and what
isn't. Sellers are not required to make the corrections, although
re-negotiations are often the result of facts documented at the
inspection. It is information needed to make some educated business
decisions.
"As is," a common yet unsettling term
used in Real Estate, expresses a sellers unwillingness to be accountable
for conditions present in the home, customarily included in non-owner
occupied homes, repossessions or bank owned properties. "What is?" should
be a buyer's first response when involved in an "as is" transaction. An
amateur roof installation or improper wiring of the electrical system will
ultimately impact a buyer's family budget. A property inspection defines
"what is" information needed to determine if the sales price accounts for
the repair or replace costs the home will need. "As is," a take it or
leave it mentality, is often flexible. Re-negotiations, based on
inspection facts, between motivated buyers and sellers has proven to be
successful. Agreeable terms can usually be reached.
Inspections aren't just for buyers
Home sellers need a professional inspection and report to protect
themselves from liability of future non-disclosure claims. A pre-listing
inspection also provides sellers with appropriate condition information,
used to price and prepare their home for sale. When repairs are needed,
the seller can price-shop bids and choose the contractor without feedback
of a potential buyer. The seller can disclosure adverse conditions they
decide not to repair, offering them some relief of liabilities carried in
re-sale real estate transactions. The report helps in marketing to
potential buyers, providing up-front information to determine if
maintaining this home will meet their financial position.
The
Best Protection
Home Inspections are not intrusive or
technically exhaustive and should not be considered a guarantee or
warranty. It is the best information and protection available at an
affordable cost. The Home Inspection process meets the mandatory condition
disclosure requirements of Real Estate.
Professional inspections are not mandatory, but an inspection is the best information and protection available at an affordable cost. The inspectors in NACREI follow the Standards of Practice set forth by The State of Nevada. These professional standards are specifically designed to meet the mandatory condition disclosure requirements for all parties
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