How many inspections should an offer include?
A number of inspections are common in real estate transactions. They include:
- Structural Inspections
- Termite Inspections
- Title Review
Structural inspections are particularly important. During these examinations, an inspector comes to the property to determine if there are material physical defects to the home and whether expensive repairs and replacements are likely to be required in the next few years.
Such inspections for a single-family home often require two or three hours, and a buyer should always attend. This is an opportunity to examine the property’s mechanics and structure, ask questions, and learn way more about the property than is possible with an informal walk-through.
Surveys determine where exactly boundary lines are and if there are any encroachments as well as Easement types.
Appraisals are used by the Lender to determine the value of the asset.
Title Reviews are to determine are used to determine if there are any clouds or attachment to the property such as delinquent taxes.
Real Estate Inspections are generally paid by the buyer. The information provided in the inspection report lets the buyer make an informed decision weather or not to continue with the deal. It can also protect the buyer from making very costly mistakes. It is my opinion that a small inspection fee is well worth the money. As the old saying goes “an ounce of prevention is worth more than a pound of cure”