A buyer’s inspection is initiated by the home buyer usually as a contingency to the final close of a real estate sale. These types of inspections are designed to assure that there are no hidden surprises for the purchaser.
It is estimated that up to 80% of all home sales are contingent on the Buyer’s Inspection! You’ll be hard-pressed to find any real estate-related expert who doesn’t adamantly suggest that you require an inspection prior to purchasing a home.
Seller’s Inspection (Pre-Listing Inspection)
A seller’s inspection is initiated by the property owner usually prior to listing the property. It helps the seller to determine what systems and structures of the property need repair. More importantly, it helps the seller and the seller’s agent to accurately represent the home by disclosing damage to prospective buyers (which further helps to curb lawsuits). Damage discovered as a result of a seller’s inspection can either be repaired by the seller (to maintain market value) or used as a negating tool by both seller and buyer.
Being used more and more, a Seller’s Inspection is helping to speed-up the sales process. When sellers can show what damage an inspector found, and how that damage was fixed, the buyer’s confidence may increases enough to move the transaction forward. But, the buyer should always hire an their own inspector to perform another inspection to get a second-opinion.
This is also known as a “Four Point Insurance Inspection”. This inspection includes the following items:
- Heating and Cooling systems
This is often required by insurance companies on older homes. Residential Inspection Consultants offers this report on older homes at no additional charge if a whole house inspection is performed.