Laws in most states favor buyers in cases where you find a major defect in your new house, but pursuing actions with sellers after you have moved into your new home is time consuming and inconvenient. Assuming the problem is not major enough to void the contract, you may be stuck with a home flaw you would not have accepted had you only known it existed. A simple way to prevent a situation like this is to request a house inspection as a contingency of your offer.
Since the 1980's, when a California courts case required real estate agents to disclose to buyers any known defects, most other states have enacted laws requiring home owners and agents to disclose material defects. This turn of events gave the home inspection business a shot in the arm. Home inspections became the norm for how buyers, sellers, and agents can share knowledge about the condition of the home.
Some states now require home inspectors to be licensed, although Colorado is not one of them. Many inspectors belong to trade associations such as the American Society of Home Inspectors (ASHI) or the National Association of Home Inspectors (NAHI), as well as state associations.
If you are looking for an inspector, it's best to ask your real estate agent, who can offer a referral, or talk to recent buyers in the neighborhood who have used an inspector. The credentials of a home inspector are important, but the mark of a good home inspector is thoroughness, without unduly alarming the buyer. You want a home inspector with a good track record of finding property defects during the inspection so that you do not discover them later.
The inspection will cover what can be seen in major systems from roof to foundation. Separate inspections may be necessary for termites, septic systems, wells, or other specialized things like spas or pools. It is not designed to critique aesthetics or lifestyle.
Ideally, when the inspection takes place, you should be there, but the seller should not. The seller needs to provide access to all parts of the home and have the utilities on. The process might take several hours. If you are unable to be there for the whole inspection, try to come at the end so the inspector can walk you through the house and explain his findings before preparing his report.
When the inspector discloses his findings, you may have some decisions to make. How serious are the flaws he found? How much will it cost to fix them? What is the priority to fix them? If the problems are serious enough, you might not want to complete your purchase.
Depending on the findings, your real estate agent may be able to use them to help you negotiate on price. If the seller already mentioned a problem before the inspection and set the price based on that, it is unlikely he will further drop the price based on that. If the flaw is a minor one or one that a sequence of previous owners have lived with, the seller may give a little to sell the house, but your agent can guide you as to what is reasonable to expect.
At Bandy Homes, we will guide you through all phases of the home buying process in Denver. We can also help you to get started on relocation with our Denver Relocation guide and can show you some terrific homes in Fitzsimons, real estate in The Meadows, and a wide variety of gorgeous homes in the Pinery.
Curious about the value of your Denver home? Click here for a quick estimated Denver home value.
Our trusted professionals will be there to help you every step of the way!
Until next time,
Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park Meadows
720-466-3790
