Getting a property inspected is definitely necessary for buyers AND sellers! In the case of a buyer, an inspection allows them “peace of mind” when they purchase a home. Most often the buyers will ask for an “option period” in their offer; it’s typically 7-10 days…if, within that 7-10 days an inspection uncovers a problem that was not noticed prior, (e.g. electrical or plumbing issue, foundation problems, etc…) the buyer has the ability to enter into a “second round” of negotiations. Here is an example of a “second round” of negotiations:
Buyers Mr. & Mrs. Smith make an offer on Mr. Larson’s property with a 7 day “option period”. The offer is accepted. Within that 7 days, the Smiths have a property inspection done on the home that uncovers faulty electrical throughout the entire house…which would cost a lot of money to repair. They have the “option” to go into a “second round” of negotiations by asking Mr. Larson to pay for the repairs before closing, or to lower the purchase price. If the Smiths are not satisfied with what Mr. Larson offers to do, they can terminate the contract.
Thus, in the case of a seller, getting an inspection on their home before putting it on the market will allow that seller an opportunity to take care of any repairs that could cause an issue during a potential buyers “option period”; greatly reducing any type of “second round” of negotiations.
In the case of Mr. Larson and the Smiths (above), had Mr. Larson gotten an inspection before the Smith’s offer with an option period was accepted, the chances of going into further negotiations would be minimal because the faulty electrical issue would have already been uncovered and repaired, or noted in the Seller’s Disclosure.
A typical property inspection done in the Metrotex today will cost approximately $400.00. A small price to pay whether you are the buyer or the seller…don’t you think?
