Matt Talks Home Inspections

Home inspections are a crucial step in the real estate process, offering buyers valuable insights into a property's condition. In this video, Matt Liss, top 1% Chicago Real Estate Broker, dive's deep into the world of home inspections, exploring their importance, what they entail, and how to navigate them effectively.

The Significance of Home Inspections

Home inspections are not just a formality; they are a vital part of the home-buying process. They provide a comprehensive assessment of a property's condition, helping buyers make informed decisions and uncover potential issues that may not be visible during a casual viewing.

The Initial Steps

Once you've secured a fully executed purchase contract, disclosures, and a pre-approval letter, it's time to initiate the home inspection process. Start by sending a detailed email to all parties involved, including the buyers, attorneys, and others working on the deal. This introduction sets the stage for collaboration and communication throughout the process.

Choosing the Right Home Inspector

Selecting a reputable home inspector is crucial. Avoid making decisions solely based on price; instead, seek recommendations from trusted sources like brokers or read reviews. A thorough inspector will ensure that no stone is left unturned during the inspection.

Buyer Agent's Responsibility

Buyer agents play a pivotal role in the inspection process. They should be present during the inspection to ensure nothing is missed. If an inspector rushes through the process and issues are later discovered, it's often the agent, not the inspector, who bears the brunt of the blame. Agents must recommend reputable inspectors and guide buyers through the process.

Additional Inspections

In addition to a standard home inspection, consider additional tests like a radon test. Radon is a radioactive gas that can seep into homes, and mitigation is relatively straightforward if detected. Furthermore, specific issues such as mold, asbestos, or lead pipes may require separate inspections. For single-family homes or multi-unit buildings, a sewer inspection is often overlooked but can be incredibly cost-effective in identifying potential problems.

The Inspection Process: Not Just for Older Homes

Contrary to common misconceptions, home inspections are not reserved for older homes. New construction properties can also have issues, making inspections essential regardless of a property's age or condition.

Negotiating Repairs and Credits

Once the inspection report is in hand, it's time to assess the findings. Focus on significant issues related to health, safety, or costly repairs. Minor items with low price tags may be bundled into a bulk credit to streamline negotiations. It's important to prepare sellers for the likelihood of buyers requesting changes or credits during this phase. 

Home inspections are a cornerstone of informed decision-making. Whether you're a buyer or a seller, understanding their significance and navigating the process effectively is essential. A well-conducted inspection not only safeguards your investment but also provides peace of mind.

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