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Home Inspection and Appraisal
Home Inspection and Appraisal Negotiating repairs, if needed
A home inspection is designed to give a buyer a better understanding of the systems and overall condition of the home they are purchasing. There may be items that the buyer will want to have repaired. Buyer requested repairs are negotiated, and we will help you with this, including offering perspective on what is usual and customary for the current market.
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The home inspection is typically set up immediately after the offer has been accepted since there is usually a 10-business day deadline for the inspections to be completed and repairs, if any, to be negotiated. It’s recommended that three inspections be done for resale and new construction properties.
Whole House Home Inspection
The whole house home inspection usually takes two-four hours depending on the type and size of the home. The price of this inspection also typically depends on the square footage of the home.
A home inspection typically will cover:
- Exterior, porch, and deck - Foundations and walls - Chimneys and roof - Windows, doors, and attics - Electrical components and plumbing - Central heating and air conditioning - Basement/crawlspace and garage
Once the inspector gives you the written report, you will know a lot more about the condition of the home you are purchasing and can make informed decisions in consultation with us about what, if anything, needs repair and whether you or the seller should be responsible.
Radon
Radon is a naturally occurring gas found in many areas of the Portland Metro area. If levels are over a certain amount, mitigation is advised.
Sewer Scope
A sewer scope inspection checks the sewer lines to make sure there are no problems with tree roots, pooling, cracks, holes or pipe separation.
Additional inspections
Depending on the property, additional inspections may be warranted. These can include roof, mold, underground storage tank location, well tests, foundation, and others. The cost of testing can add up but is important information for a buyer to have before purchasing the home and may save a buyer thousands of dollars.
A repair addendum is put together after consultation with us with items the buyer would like addressed by the seller. Usually, the seller is asked to make the repairs, lower the sale price of the home or provide credit towards the buyers prepaid and closing costs equal to the expense necessary to correct the items requested. If repairs are not mutually agreed upon, the buyer can terminate the sale and receive their earnest money deposit back.
Appraisal
Once negotiations for the inspection are complete and agreed upon, the buyer’s lender will order an appraisal. The house must appraise for the purchase price of the home for the lender to approve the loan.
If the house doesn’t appraise for purchase price of the home, the buyer and seller can renegotiate the price, split the “difference,” or the buyer can bring in an additional amount of money to cover the shortfall. The “difference” is the purchase price of the home, less what the home appraised at. If mutual agreement is not reached, the buyer can terminate the sale and receive their earnest money deposit back.