Feb. 22, 2018.
If you’re getting your toolkit ready, then you’re close enough to moving into your new home that you can already smell the freshly shampooed carpets. But what if there’s a holdup? According to a National Association of REALTORS’ 2016 survey, up to one-third of all real estate transactions experience some type of closing delay — with 46 percent related to financing issues, 21 percent related to appraisal problems, and 14 percent related to home inspection setbacks.
At Cornerstone Home Lending, Inc., we do everything in our power to help our borrowers close on time.
It’s our top priority. We also work hard to help our borrowers understand and troubleshoot any roadblocks that could get in the way of getting into their new house fast, like overlooking the deadline for a home inspection.
6 things to remember about your home inspection to prevent moving delays
You’d be surprised how much confusion surrounds the typical inspection.
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Here are some answers to the most interesting home inspection questions we’ve encountered when working with our buyers:
1. Yes, there is a deadline.
Most buyers are surprised to find that there’s a set timeframe in which a home inspection must be completed. There’s also a set timeframe for a seller to address any of your concerns as a buyer. If you or your inspector can’t meet this deadline, you’ll have to contact your realtor for an extension.
2. Missing the deadline is a problem.
With something as important as a home inspection, you can’t turn your homework in late. If you miss the inspection due date or can’t get it completed on time, you automatically “shall be deemed to have accepted the condition of the property as satisfactory.”
3. The inspector doesn’t know everything.
When you visit your doctor, you may be referred to a specialist for a specific problem, and so it goes in the home inspection world. Home inspectors are licensed professionals with limitations — their licensing does not extend to all fields. If an inspector notes a problem with your furnace, for example, you’ll likely be referred to a licensed heating contractor for the fix.
4. Yes, there are add-ons.
For any kind of specialty testing, such as for radon, lead-based paint, or even a lawn sprinkler system, your home inspector may perform these tests at an additional charge.
5. Your costs will vary.
You’ll often hear the number $400 thrown around for the cost of a home inspection, but prices may range from as little as $225 to over $400. The International Association of Certified Home Inspectors (InterNACHI) estimates home inspection rates based on mileage, home age, and square footage.
6. You get to choose your inspector.
Your realtor might make a recommendation. But this is one more time as a buyer when your fate is in your hands. Taking a recommendation at face value without doing research and comparing rates can be a big mistake. Choosing a home inspector based on years of experience, amount of inspections completed, certifications and training, and previous work experience (preferably in the building industry) is a sure bet.
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Why a home inspection matters
Your home inspection might be next on the agenda, and it’s one of the make-or-break factors that can determine how quickly you’ll get into a new home. The home inspection should come before the appraisal and your closing date. In fact, you may not be able to get to closing until your home has been inspected and approved — a home inspection could be listed as a condition in your purchase contract.
We want to get you the keys to your new house as much as you do. That’s why we strongly recommend getting a good home inspection from a reputable inspector to protect your investment. Then, you can start packing, cleaning, and prepping for your upcoming move, as we work hard behind the scenes to get you to closing day on time. Until then, use our free LoanFly app to stay in touch with your loan officer and track your loan’s progress from anywhere.
For educational purposes only. Please contact your qualified professional for specific guidance.
Sources are deemed reliable but not guaranteed.