Buy a Home: Step 4
Step 4 of 5: Process To Buy A Home – Get Inspections/Repairs Done & Clear Contingencies
Get Inspections/Repairs Done: In the process of writing the purchase offer we will also write in inspections to be done prior to the closing. The most common inspections are a Property Inspection, a Termite Inspection, and a Lead Paint Inspection (if home built prior to 1978).
During a property inspection an inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs,that are needed.
Generally, qualified and experienced inspectors check (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof.
During the termite inspection the inspector will look for signs of active subterranean termite infestation (section 1) and examine the wooden support beams for damage. The Inspector will also check the moisture content of the soil and crawl space to see if the area is at high risk for termites in the future (section 2).
Repairs will also be done by the selling party at this time if any were agreed to. In an as-is offer no repairs would be made to the property unless they were agreed to in the purchase contract.
Clearing Contingencies: If you have written in contingencies for property inspections, financing, or termite clearance now is the time to clear them. Clearing your contingencies lets the selling party know that you are able and ready to move on to the next step of the process, closing escrow.
If repairs have been done as agreed to with knowledge from a property and termite inspection then clear it. If your lender has underwritten your loan and is ready to finance then clear that contingency as well.