This is a blog to help homeowners and home buyers figure out and get a handle on what exactly is going on in the marketplace in Sacramento, Placer and El Dorado Counties. We will share many expert sources with you and give our opinion too. Is there a downturn coming? When will it begin? Should I get my house sold now before it's too late? Should we wait to buy another home? These are questions we hear.
No one in the industry knows the future, but past history, certain indicators, and basic real estate principles can help you make decisions as you become more savvy about the market and real estate. My goal is to help my blog readers become more knowledgeable and gain some understanding so that they make more educated decisions and lose less money in real estate over the rest of their lives. Does that sound fair? Some may use this blog update to launch a career in house flipping or more conventional real estate investing. You can subscribe with us to receive the updates if you would like.
The archive on the right of this page will allow you to see links to previous issues about home prices, expert opinions, and much more.
A Few Critical Inspections in a Home Purchase Transaction
There are a few inspections that no home sale should be without, except in cases of the most knowledgeable buyers such as property flippers. But even most of the flippers want to see at least a pest inspection. Most consumers desperately need at least 2 inspections: a Pest Control Inspection, and a Whole House Inspection. A few weeks ago, I covered Pest Inspections here. On this blog entry, I will discuss Whole House Inspections.
What is a Whole House Inspection Report?
"Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. A professional home inspection is an examination of the current condition of a house."*
*Source: Wikipedia, the Free Encyclopedia, Home Inspection page, https://en.wikipedia.org/wiki/Home_inspection
From Greg: Last time we discussed termite inspections and the Whole House Inspection is another critical inspection done during an escrow to protect the buyer. The Whole House Inspections did not even exist When I began in real estate. The buyer and I would go check over the home right before closing to find a fix list and then present it to the agent of the seller. The industry has certainly come a long way to do things better. The inspection is now done by an expert. It can cost anywhere from $250 to $400, depending on the inspection firm, and the buyer usually pays for it at the time it is done. It is done early in the escrow, before the contingency lapse time, so a buyer is not obligated to buy the home if something earthshaking is found by the inspector. It also allows time for buyer and seller to negotiate through their agents over what findings on the inspection are valid and unacceptable to the buyer and should be done by the seller.
Items inspected by a home inspector are the electrical, plumbing, roofing, appliances, and many other items too many to list. It is a totally comprehensive inspection and report.
The home inspector usually provides a written report and supporting photos to the buyer, and often it is 20 to 30 or more pages, so it is quite thorough. I always urge buyers I represent to use an inspector right away after buying a home, and the cost of it is a routine buyer's closing cost. An inspector's trained eye can find a serious but hidden major defect. It is just good business to always have the two reports I covered here when you are buying a home.
Neither of the 2 minimum inspections are usually done on new builder homes, as the builder usually has a company representative inspect the home with the buyer at closing and then fix defects found from the builder. Then, the builder is responsible along with the builder's subcontractors for 3 years afterward. The whole house inspection is done on most resale purchases and is an integral part of almost all house transactions to protect the buyer.
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Disclaimer/Indemnification: This blog is meant for informational purposes only and is not meant to be advice for daily real estate practices. Readers using the materials and sources in this blog understand that the facts are shared as principles, and are not exact advice for specific persons or specific situations. The principles and notifications and facts shared in this blog are meant to raise awareness for consumers so that they may make decisions based on knowledge they obtain from many different sources including this blog. Readers agree to indemnify and hold harmless MFN Realty and Greg Nichols and any sources used from liability due to any decisions readers may make in real estate matters based on reading this blog. Readers need to seek out advice from their attorneys or from real estate brokers that they are in contract with who are acting as their legal agents.
MFN Realty - Greg Nichols - Broker - mfnrealty.com
A Licensed California Real Estate Broker #00632894
A Licensed California Real Estate Broker #00632894