Now it’s time to order a Home Inspection. The Inspection Period is the time for you to gather information about the property. It is recommended to hire a professional Inspector to give you an unbiased 3rd party opinion about the property The Inspection will cost around $300-$500 depending on the age and size of the house. The Inspector will look at the interior and exterior, the structure, the foundation, plumbing, electrical, roof, windows, appliances, and the crawl space. They will prepare a report of findings and will list items in severity and recommend repair/replacement. Most Inspectors are not licensed electricians, plumbers or HVAC personnel so if the Inspector points something out they might recommend that a professional take a look to recommend the proper repair. In addition to the Home Inspection, you might want to order additional inspections of the house (i.e. pest/termite inspection, sewer line inspection, septic inspection, and/or pool inspection).
The Inspection is for information only for the Buyer. Some buyers have the misconception that the Inspection is to determine all the items that the seller needs to fix. That is a MYTH. An Inspection is a report of findings. It is time for you, the Buyer, to determine the condition of the home and decide if you want to continue with purchase of the home. On an existing home, it is expected that the Inspector will find items that need to be repaired/replaced. But the house is being sold as is. So, the goal is not to require the seller to bring the house back to new condition, it is used to inform you of the repairs that need to be made or items that might need to be watched in the future. After reviewing the report, you will decide if you still want to move forward with the purchase of the home. If so, then an appraisal is ordered. If not, then you have two options; 1. You can Object to items on the Inspection and ask the seller to repair/fix the large items or 2. You can terminate the contract and find another home to purchase.
As a side note, if you decide to move forward with the purchase of the home then once you close remember to pull out the Inspection report and address the items that were on the report. You paid an Inspector to give you a list of items that need to be repaired.