Dealing with the Buyer's Home Inspection: The Inspection Report
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Dealing with the Buyer's Home Inspection: The Inspection Report

The buyers can do the inspection, within a specified time-frame, provided they give you a copy of the report and allow you to show that copy to any future buyers of the home. You may be asked to pay for the inspection, although in most cases, it's the one who orders the report (the buyer) who is responsible for paying for it.

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Should I require a copy of the report?

Yes, you should. This should be part of your contingency upon allowing the professional inspection. The buyers can do the inspection, within a specified timeframe, provided they give you a copy of the report and allow you to show that copy to any future buyers of the home. The reason this is important is first, you want to see what the report says. After all, if the buyers say the report says you need a new roof and you don't have a copy, how do you know what they are saying is accurate? Second, if the buyers don't go through with the purchase and you put your home back on the market, a future buyer will likely demand to sell all previous home inspection reports. If you don't have a copy that you are allowed to show, you could be in a very difficult position. Note: Some inspection reports state quite clearly on them that they are to be shown only to the person who orders the report and to whomever else that person allows to see it. That's why you want to be sure you have permission to show the report to future buyers.

Should I pay for the inspection?

You may be asked to pay for the inspection, although in most cases, it's the one who orders the report (the buyer) who is responsible for paying for it. Of course, as with everything else in real estate, it's a matter of negotiation and common practice. The buyer wants the report and wants you to pay the cost. Do you? You might, if you're desperate to sell. Or you might simply insist that the buyers are to pay for their own professional inspection report. Of course, that may constitute a rejection of their offer and they might walk. Or, they simply might have been testing to see how much they could get away with, and they'll agree. On the other hand, it's equally common practice for the sellers to pay for a termite inspection and any repair work necessary to get a termite clearance. (The termite clearance is a common requirement that lenders make before they will fund loans to buyers.)

Do I have to produce earlier inspection reports?

Often you are asked for them. A buyer's inspection contingency will typically not only ask for a professional inspection and report, but also will ask you to turn over all previous inspection reports. If you had one just a month earlier, it's going to be hard to say you forgot about it or lost it. Thus, the next potential buyer is going to see whatever problems the last buyer who ordered a report found. All of which is to say, found problems tend not to go away. They must usually be dealt with either by fixing them or with a cash solution.

 

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Comments (2)

Good information to keep in mind

Excellent points for sellers to be aware of with a buyers report. I learned from your well written article. Promoted

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