Buying Real Estate 102 - Financing, Escrow, & More December 16, 2023

What is a Home Inspection?

A home inspection during the escrow process is a crucial step in the home-buying journey, providing both buyers and sellers with valuable insights into the condition of the property. Typically, the buyer hires a licensed home inspector to thoroughly assess the home’s structural components, systems, and overall condition. The inspection covers areas such as the roof, foundation, plumbing, electrical systems, HVAC, and more.

During the inspection, the inspector meticulously examines the property, looking for any issues or potential problems. Buyers may accompany the inspector to ask questions and gain a better understanding of the home’s condition. The inspector then prepares a detailed report, outlining their findings, which is shared with both the buyer and seller.

Following the inspection, several scenarios may unfold. If the inspection reveals minor issues, the buyer may negotiate repairs with the seller or request a credit to address the problems post-closing. In the case of significant issues, the buyer might have the option to withdraw from the purchase agreement without forfeiting their earnest money.

Once any negotiations are settled, the transaction proceeds to the closing phase. The agreed-upon repairs may be completed before closing, or the buyer may receive a credit to address them afterward. The home inspection is a pivotal moment in the escrow process, providing transparency and ensuring that both parties are well-informed before finalizing the sale. It helps create a fair and informed transaction, contributing to a smoother transition for the new homeowners.







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