A home inspection happens when you are buying or selling your home in Vail Valley. This can be stressful and time-consuming. You may ask yourself what an inspection is all about and what actually happens during it. Knowing what to expect during a home inspection in Vail Valley can be very helpful. During the process of closing on a home, the buyer typically hires a home inspector to come to the house and perform their visual observation of the home. They take notes on health, safety, or major mechanical issues.
The inspector then informs the buyer about the integrity and condition of the home they are looking at purchasing. Getting an experienced and certified inspector to go through a home and produce a report for the buyer can give the buyer peace of mind. Let me walk you through this process and help ease your mind. Keep in mind with the inspection that it is not a pass or fail!
What To Expect During A Home Inspection In Vail Valley-The Inspection Process
The inspection when buying or selling your Vail Valley home is a very important thing. The buyer is hoping that they will get the assurance that the home is in great shape or the heads up that there are some issues that may need attention. The inspector will find some things wrong with every home, even if the home is brand new. Keep this in mind when the inspector is there not to stress and know this isn’t a pass or fail. Every home has moving parts, is exposed to weather, and all will have some sort of issues. Selling a home with zero issues is nearly impossible.
The seller should be prepared that an inspector will find things “wrong” with their home too. I often get asked whose responsibility it is to pay for the inspection to be completed. The inspection is part of the buyer’s due diligence. The buyer hires the inspector to work for them so this makes it the buyer’s responsibility. A typical home inspection cost around $400-$500 depending on the size of the home. Real estate agents are not permitted to hire an inspector for the buyers. However, I can provide a list of recommended inspectors to my clients.
Timing Of The Inspection Objection
The inspection objection happens after the inspection when buying or selling your Vail Valley home. It is a buyer’s option to ask the seller to fix or pay for any “issues”. The seller can agree, disagree, or counter somewhere in the middle. It is best to separate the issues into two categories, minor and major. Then you can determine whether the effort and cost associated with the fix are relatively small or big. The buyer should not expect the seller to repair or replace every issue found on the inspection report. Sellers and buyers should both pick what repairs they really would like fixed before the closing is completed on the home.
What If Major Issues are Found During Inspection?
Always keep in mind that some major issues could be found during the inspection when buying or selling your home. I would consider major issues as those that require expert contractors to complete the repairs. In this case, you should have a contractor assess the situation and provide a bid or estimate for how much these repairs would cost you. Some of my clients have asked me what would happen if it is winter and a repair is needed on the outside of the home? In this case, you and the seller could work out a deal to add this amount into the closing. Then when the weather breaks and the repair could be completed it has already been negotiated.
Who Fixes the Issues Found During Inspection?
The buyer and seller need to settle on an agreed-upon amount from the bid they receive and this price should be added into the closing. This way the buyer gets control of fixing the issue after closing. If there is a lender involved, this can sometimes be problematic because the lender may not agree to a seller concession. As it affects their loan-to-value ratio. In this case, it may be best to agree to have the seller fix the issue or reduce the purchase price.
Things to watch out for is that the seller may agree to fix major issues. But then the buyer may not be satisfied with the work that was completed. This could have the buyer ask for additional work to be done and more money would need to be added to this repair. I recommend to my clients to agree upon the contractor that is hired to fix the work so both the buyer and seller trust them and know the work will be completed correctly the first time.
What To Expect During A Home Inspection In Vail Valley-Seller Property Disclosure
When the seller and the listing agent are made aware of any major issues, they are ethically and legally bound to disclose known adverse conditions of the home. After an inspection shows issues the buyer is allowed to terminate the contract. If this happens the seller has a choice. Either fix these issues or they can add them to the Seller Property Disclosure. If the seller does not want to spend the money on the repairs. They will likely have to reduce the price of the home to reflect the work that needs to be completed.
If the buyer has walked away from the sale and a new buyer comes in, they will see the Seller Property Disclosure. They will see the same report and the same issues and they could ask the seller to fix these same issues. I recommend to my clients to factor in the holding costs of delaying the sale of the home. So there is an incentive for the seller to work out a solution on the major issues and get their home sold!
How Can I Help?
If you have any additional questions about what to expect during a home inspection in Vail Valley please feel free to reach out and contact me! I want to provide my clients with interesting and up-to-date information so they can make informed decisions. If you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me.
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Robert Schilling
Coldwell Banker Global Luxury Specialist
Coldwell Banker Distinctive Properties
(970) 390-0705
[email protected]