PLEASE NOTE: Nothing on this Site should be construed as legal advice or used as a substitute for legal advice. All of the materials, opinions and information on the Site are provided for informational purposes only.
Protect Yourself
Nearly all home buyers elect to have a home inspection performed on the property they are under contract to purchase. It’s actually a great idea, considering that your home is one of the most expensive things you will ever purchase and repairs to a home can be very, very expensive.
A professional home inspector will investigate and evaluate a property from the foundation to the roof to determine. They use their experience and detective skills to uncover the common problems many homes have and they may also discover hidden problems that even the seller is unaware of.
Time is of the Essence
While this saying is true of every aspect of a real estate contract, it is especially true for the home inspection clause.
Failure of the buyer to conduct inspection(s) and notify the seller within the time specified in the contract, may mean the loss of the Buyer’s right to terminate the purchase contract.
For example, the Illinois Multi-Board Real Estate Contract states the buyer has 5 business days after the date of acceptance (10 calendar days for lead paint hazard inspection) to serve notice upon the seller or the seller’s attorney of any major component defects (disclosed by any inspection) for which buyer requests resolution by the seller.
It is critical to keep focused on all the important contract dates and deadlines. Request an attorney’s approval to extend the time frame to complete the process, so you can use the findings of the inspection to help you negotiate with the seller.
How to Search for a Home Inspector
Every Realtor should have a list of qualified home inspectors that work in the area. CLICK HERE for our list of Fox Valley local home inspectors. I would also recommend searching Google for “home inspector near me”. Browse the websites of all candidates to see the scope of their work, years in business, reviews and other qualifications.
Keep an eye on how many reviews each company has earned online. If an active inspector has few reviews it may be a warning sign. Just four inspections a week will add up to over one hundred inspections in just a year’s time. Too few reviews does not mean that the inspector is unqualified but it may indicate that they are either part time or for some reason, they are regularly passed over by potential clients.
Let’s see Your License and Registration!
The State of Illinois requires that all home inspectors be licensed. Here is a link to the XXX link to DEPARTMENT THAT KEEPS RECORDS. XXXX INSURANCE ?
Check to see which credentials they have. XXXXEXAMPLE CFREDENTIALS w/ linksXXXASHI nspectors etc,
How Many Reviews Should a Home Inspector Have?
If an active inspector has very few reviews, it may be a warning sign. Just four home inspections a week adds up to one hundred inspections in just a year’s time. XXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Star Ratings
Take notice of what their average review star rating and read the customer comments. The review comments give an insight into how the Inspector performs before during and after the work is done and how they handle the inevitable disagreements that may arise.
As with any industry, if a company has a large volume of only five star reviews, it is possible that some average to negative ratings are being under reported. Nobody is having a great day at work every single day.
The Home Inspection Report
- Review home inspector’s report
- Ensure seller’s compliance with Home Inspection Clause requirements
- Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs
- Negotiate payment/ credit and oversee completion of all required repairs on seller’s behalf.
Home Warranty
Even if the home inspection report comes back with zero concerns, it doesn’t mean that problems won’t pop up unexpectedly after the closing, There are many companies that are in the business of providing ‘peace of mind’ home warranty programs to buyers.
In fact, some home sellers offer a warranty that transfers to the future buyer, at no extra charge. The warranty protects the buyer against some of the mechanicals of the home for a period of one year after the closing,
Tracking the Loan Process
When we accepted the initial offer, we made sure that the buyer had a pre-approval letter. The problem is, you can’t buy a house with just a pre-approval letter.
It is essential that your Realtor follows up with the buyer and the lender to ensure that the buyer actually began the mortgage process. Then, further follow-up is required to make sure the buyer has submitted any requested paperwork and it is done in as timely manner.
Providing the paperwork, tax records, assets and liabilities statements will verify to the lender that they are, in fact, dealing with a ready, willing and able buyer.
Once the loan Package of documents is assembled, it is sent on to has Follow Loan Processing Through To The Underwriter
- Contact lender to ensure processing is on track
- Relay final approval of buyer’s loan application to seller
The Appraisal
- Schedule Appraisal
- Provide comparable sales used in market pricing to Appraiser
- Follow-Up On Appraisal
