In this video “Home Inspections 101, Pey Behin explains a very important part of the real estate sales contract – home inspections! Watch as he goes into the various types of home inspections and when to use which type. As a First-Time Homebuyer, this is a vital piece of information.
Home Inspections video transcript:
“Hello, hello, hello. Pey Behin here at Keller Williams AI Realty Group. Today, we’re talking about home inspections. One of the most common questions we get as agents is, do I really need a home inspection? 2000%, the answer is yes. Always. The kind of home inspection you would use will depend on how much competition there is on your particular house. Now, if you’re the only offer on this house, you’re going to pick option one. That is a regular home inspection.
That gives you the right to negotiate. For example, you did the home inspection. You know there’s some plumbing issues, some electrical work all needs to be done. You have the right to bring it to the seller and ask them to fix these things. Now, the seller really react in one of four ways. Option one. The seller will fix nothing. Option two. They will fix some things. Option three, they will fix everything. Option four, the seller may just go, “You know what? Too busy getting my stuff ready to move out.” “I don’t have time. Here’s a credit that you can apply it to your closing costs.”
Now, if you’re competing, which we know in this market about 45% of homes are, you’re going to pick one of the following two options. The first is a general inspection. It’s the same as your home inspection, but you’re waiving the right to negotiate. You say, “You know what? There’s some minor plumbing work, some electrical work. I’ll take care of that myself.” You’re competing. You have to. Or, if you find out that there’s some systems that just may be out of your budget to fix, you have the right to cancel and get your earnest money deposit back.
Now, if there’s going to be many offers, you’re gonna want to do a home inspection before you submit the offer. In what is called a, wait for it, pre-inspection. It’s not rocket science. Now you’re going to want to do this pre-inspection in order to waive your home inspection contingency on your offer to make your offer more competitive than the rest of the offers coming in.
Sellers love offers with zero home inspection. Means a smoother ride to the closing table. Now, always, always, always, always, always, always, always make sure your home inspector is licensed. Now, if you don’t know any home inspectors, check with your agent. Check with your friends. I know for example, I have three home inspectors that we trust wholeheartedly. Some used to even be builders.
At the end of the home inspection, you should get a report. This report will be detailed. It will have photos. You’ll know the exact age of your systems, your HVAC, the condition of the roof and so on. Now, what the home inspection is not, is a place to negotiate the tiny little details; Broken light bulbs, the color of a door, a tree limb that needs to be cut. That’s on you. Welcome to the wonderful world of owning a home. Again, Pey Behin, email’s below. Be happy to answer any of your questions. Find me on Facebook, Twitter, Snappychat, the ‘Gram. All the same name, Pey Behin. Thanks for watching.”
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Music by Ilana Tarutina