arhome realty blog

understanding home inspections: what buyers and sellers need to know.

Home inspections are a vital component that can influence the outcome of your real estate transaction. It's important to get an idea of what goes into the process and what to expect from a buyer's and seller's standpoint. Read on to learn more about how to be prepared for an inspection and what occurs after.

the purpose of a home inspection.

So, why are home inspections conducted? For buyers, a home inspection is an opportunity to assess the property's condition thoroughly. This process helps identify potential issues, both major and minor, which can influence the buying decision and negotiations. 

the home inspector's role.

Home inspections are typically conducted by professional inspectors who are trained to assess various aspects of a property. These experts inspect everything from the foundation to the roof, including electrical, plumbing, HVAC systems, and more. Their role is to provide an unbiased assessment of the property's condition, highlighting any areas of concern.

what buyers should expect.

As a buyer, you can research and select a qualified and experienced home inspector. Your real estate agent can often recommend reliable professionals as well. It's advisable to be present during the inspection whenever possible since it's a great opportunity to learn about the property and ask questions. After the inspection, you'll receive a detailed report outlining the findings. Pay close attention to major issues that may require repairs or negotiation. Depending on the inspection findings, you may be able to negotiate repairs with the seller or request a reduction in the sale price. If you are  going with an "AS-IS" sale, the process may be different. A legal professional should guide you during this step.

what sellers should expect.

Sellers, be aware of your legal obligations regarding property condition disclosures. In Illinois, sellers are required to disclose any known defects to potential buyers and fill out a pre-listing questionnaire regarding their knowledge of specific current defects. If the buyer requests repairs after an inspection, you may need to decide which repairs you are willing to make and which you'd prefer to address financially, if this arrangement was built in to your agreement. 

Home inspections are a common part of the real estate process, benefiting both buyers and sellers. Buyers gain understanding of the property's condition and what to negotiate, while sellers can enhance their property's marketability by addressing issues early on. By being informed and proactive, all parties involved can navigate the home inspection process with confidence and make well-informed decisions in their real estate transactions.