1. The house is fine, but I could make it look bad...
As the housing market recovers, more buyers and sellers are getting reintroduced to one of the most nerve-racking rituals in real estate: the home inspection.
An inspection, which usually occurs after a buyer has made an offer, is meant to be an objective analysis of a home’s condition. Local Broker, Jill Berni
Twenty years ago, 75% of purchased homes were inspected; today, it’s 95%, according to Bill Loden, president of the American Society of Home Inspectors, a Des Plaines, Ill.-based industry trade group.
Inspections aren’t a big financial burden: A review of a 2,000 square foot home typically costs around $450, with the buyer footing the bill. But what can make an inspection so stressful is that a long list of trouble signs, without proper explanation, can sabotage a deal. And real estate pros complain that some of the inspectors themselves are overzealous. Many of the nation’s 25,000 inspectors used to work in construction, or still do, and their expertise can lead them to bombard buyers with encyclopedic lists of minor problems.
What Home Inspectors Don't Tell You...
A home inspection should be an objective analysis of the condition of a home that hopefully minimizes surprises or big repair bills for both sides down the line. In reality, it’s one of the most nerve-racking experiences in the real estate process. MarketWatch's Daniel Goldstein offers tips on Lunch Break.
A thorough pro will look at the foundation and the framing to make sure nothing is cracked, warped or rotting, and examine the roof for problems with shingles and gutters. Inspectors should also look for plumbing leaks and make sure the water heater, wiring, heating systems and fireplaces are safe.
So what constitutes going too far? A less helpful inspector might dwell on things like surface mold, chipped paint or other superficial problems, or present buyers with a long litany of issues, with no context about their relative importance and no estimate of the cost of fixing them.
The trick is finding an inspector who can relay the critical information and put it in context, says Dave Moersen, of HomeCheck Home Inspectors in Gaithersburg, Md., who’s a veteran of more than 4,500 home inspections. “I used to think this job was 95% technical knowledge and 5% communication, but now I think it’s the other way around,” says Moersen. “Homeowners just want answers.”
Bohdan Mastykaz, a Reddin real-estate agent in Miami, says the best inspectors take pictures and include them in their report to the buyer: “Pictures make everything black and white, and it’s far less subjective that way.” courtesy of local Broker #JillBerni
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