You’ve spent weeks, maybe even months, searching for the perfect home. You've contacted a lender, gotten pre-approved, contacted and hired an agent, and after a few showings- you find the house. After acceptance of your offer- it's generally a good idea to complete professional home inspection.
This allows you to find out if they are any latent defects present in the house that need to be addressed. The home inspection is important, and you should think of it as a kind of insurance. If the inspection reveals too large of a problem, you could re-negotiate with the seller to lower the selling price, have them repair the problem(s), or choose to walk away.
Not every state requires special licensing or regulates home inspectors. Luckily, in AR home inspectors must complete an approved 80 hour home inspection training course and take and pass the National Home Inspectors Exam. The Arkansas Home Inspector Registration Board also requires home inspectors to register with the Arkansas Secretary of State and licenses must be renewed annually. For more information: CLICK HERE.
A home inspection is not 'pass' or 'fail'. A home inspector identifies, in accordance with the state's standards, health, safety and/or major mechanical issues with the home. A typical home inspection takes 3-4 hours for an average sized house. The home inspector will go through the interior and exterior of the house to record any broken, defected, or hazardous issues with the house and the area surrounding the house. Home inspectors have a long, thorough list of things they check for, to include:
Damaged Electrical System
Insect and Pest Infestation
Issues with the HVAC System
Once the inspector has completed the inspection, they will meet with the agent and buyer(s) to go over the inspection report and discuss what the inspector found- this is called a Wrap Up. After the agent and buyer(s) discuss the findings with the inspector, the agent will draw up an IRSA (Inspection, Repair, and Survey Addendum) for the buyer to sign before submitting to the seller/seller's agent. Depending on the terms of the contract between the buyer and seller, the buyer may use the IRSA to either request the seller complete the necessary repairs, request a credit from the seller so the buyer can do the repairs themselves, or offer a lower selling price.
Not every buyer asks for a home inspection, and this can be a costly mistake. When working with our clients, we educate them on the importance of professional home inspections and how it benefits the buyer.
"I had a buyer who had put an offer on a home and once under contract, asked for a professional inspection." Paige recalls. "The inspection report showed structural concerns with the foundation. Further inspection with a foundation specialist revealed needed repairs amounting to thousands of dollars. Had we not ordered the inspection and found these defects prior to closing- my buyer would have run the risk of inheriting the cost of foundation repairs down the road."
A professional home inspection is not something all buyers ask for, and that is not always in their best interest. As agents, we make it our priority to educate our buyer's in the importance of professional home inspections and why it is in the buyer's best interests to have them done.
Call us TODAY and let us look out for your best interests.