Home inspections, home inspections, home inspections… They are almost always what a firm real estate deal rests upon. We place a big emphasis on home inspections because it gives us a feeling of comfort and security knowing we are making a sound purchase. The only problem is we are doing things backwards. You should do a home inspection before making an offer and here is why:
It works better for all parties involved and that becomes a great negotiating tool. Often sellers tie up their home for five days in order for you to get a home inspection. By getting a home inspection done prior to making an offer you are showing your level of interest and respecting the sellers.
Going in with the facts makes YOU more knowledgeable! In truth, sellers should get a pre-listing home inspection so they are aware of any issues and can choose to remedy them (or not). By you getting a home inspection prior to making an offer you know more about the state of a sellers home than they are aware. If they didn’t know they had faulty electrical outlets or moisture issues in the basement until you make an offer then you gain great negotiating power.
Price Reductions after an offer is a risky bet and it is an uphill battle. You agree to $500,000 with the seller and then find out there is $10,000 worth of repairs to do. You are left with two options… take the house ”as is” OR amend the original offer in the hopes the seller agrees to your reduction. It is tough to get a seller to come down in price and after you have fallen in love with a property it is tough to risk letting it go. By getting a home inspection before an offer you are more firm on what you will offer and will not be as emotional if you lose the house.
There are instances in which this is not possible, but more times than not you can get a pre offer home inspection. By doing this you are much better prepared than 99.9% of buyers and that will allow you to find a deal in this crazy sellers market.
It is not recommended that you purchase a house without getting a home inspection and for the cost of making sure you are protected it is worth every penny. You always want to make sure that your home inspector has a good track record and is properly insured and has credentials. For a list of trusted home inspectors I have used in the past you can e-mail me at andrewtamburello@gmail.com.