Never Skip the Home Inspection
Denver, CO
Lawrence Family Properties, LLC Denver, CO
Published on January 4, 2022

Never Skip the Home Inspection

As we have seen in Denver over the past year, the housing market has been extremely fast paced and competitive. In a market that makes finding your dream home feel impossible, some home buyers may opt to skip the inspection process or to leave out the inspection contingency in their offer. While this may look attractive to the seller, it is not advisable. Any agent that tells you otherwise should have extremely good reasoning as to their advice.

Verify your mortgage eligibility (Aug 16th, 2022)

Or a home buyer may look at their closing costs and start to look for ways to save a few bucks. Waving the home inspection may look like an easy way to save $300 – $500, but in the end, it is not worth the risk. A poor home inspection may reveal that a buyer is on the hook for thousands, even tens of thousands of dollars in repairs.

Below is a brief explanation of the home inspection process and a few reasons why, no matter the situation, you should never skip the home inspection process.

 

Verify your mortgage eligibility (Aug 16th, 2022)

Why You Need to Hire a Home Inspector

A home inspection is a non-invasive visual examination of the accessible areas of a property. The primary reason a home buyer hires a home inspector is to identify any defects within a home. If issues go unnoticed before the sale goes through, you might pay thousands of dollars to fix them later.

When you put an offer on a home, you likely have only been in the house one or two times. Some people will even buy a home sight unseen. The home inspection offers you time to perform your due diligence and make sure the key components of the home function correctly and have been maintained properly.

Having a home inspection limits your chances of moving into a home with unknown safety issues or structural flaws. Keep in mind that a home inspection will probably not reveal every single issue that exists or ever could exist, but it will make you aware of any major flaws with the home.

Verify your mortgage eligibility (Aug 16th, 2022)

 

What Does a Home Inspection Look For?

Here are the main areas that should always be addressed in your home inspection report:

 

Verify your mortgage eligibility (Aug 16th, 2022)
The Attic

When the home inspector looks in the attic, they will ensure no decayed wood or structural damage exists. Additionally, they will check for proper ventilation, water penetration, and electrical issues.

 

The Basement

When checking the basement, the home inspector will look for signs of moisture and cracks in the basement walls. They will also check for water intrusion and ensure that the sump pump is working correctly.

Verify your mortgage eligibility (Aug 16th, 2022)

 

The Bathrooms

The home inspector will check the plumbing, electrical outlets, GFCI functionality, and proper ventilation in the bathrooms. Additionally, a bathroom inspection includes drains and toilet functionality.

 

Verify your mortgage eligibility (Aug 16th, 2022)
The Bedrooms

When the home inspector looks at the bedrooms, they’ll ensure that the ceilings, floors, and walls are straight. They will also check for damage, cracks, or strains in the structure. They’ll check the electricity and lights in every room, as well as the air conditioning and heating circulation.

 

The Kitchen

When the home inspector is looking in the kitchen, they’ll ensure that the plumbing works properly. They’ll check the refrigerator, oven, stove, and garbage disposal. They test the dishwasher and water pressure, as well.

Verify your mortgage eligibility (Aug 16th, 2022)

 

The Heating and Cooling Systems

The home inspector will check that there is no gas odor near the heating and cooling systems. This can be a sign of a gas leak. They’ll also ensure that both the heating and AC are working correctly. They’ll make sure that the air is traveling correctly through your home from the HVAC system.

 

Verify your mortgage eligibility (Aug 16th, 2022)
The Electrical Systems

The inspection of the electrical systems will include checking the wiring and electrical panel. They’ll look for exposed wiring and anything that is out-of-code. Additionally, telephone and network cables are checked for safety, and service panels are inspected.

 

The Plumbing System

When the home inspector looks at the plumbing system, they’ll check for leaks or damage. Additionally, they’ll ensure that the water heater is working correctly. They’ll also check its temperature, ensuring that its maximum temperature can’t go above 125 degrees Fahrenheit. Additionally, you should always request that your inspector conduct a video scope of the main sewer line. (This can be a be a small up-charge, but we highly recommend obtaining a sewer scope.)

Verify your mortgage eligibility (Aug 16th, 2022)

 

The Roof

When the home inspector looks at the roof, they will identify any areas damaged by hail. They will also look for rotten wood around chimneys, missing shingles, and potential water penetration.

 

Verify your mortgage eligibility (Aug 16th, 2022)
The Exterior Structure and Grounds

The home inspector will inspect the foundation and assess the health of the overall structure. They will look for cracks or bowing in the foundation floor and supporting walls. Cracks protruding from the corner of windows and doors can be an indicator that the foundation has shifted. They will also look at the quality of the deck, fence, shed, and any detached structures. Many home inspectors will walk the lot and look for anything out of the ordinary.

 

The Home Inspection Contingency

The Colorado residential real estate sales contract has an inspection contingency written into it. This contingency denotes a certain amount of time for the buyer to hire an inspector, conduct the inspection, receive the report, and allows you time to discuss any repair items with your agent or contractors. With this information you can either decide to submit an inspection objection to the seller requesting specific repairs be made, or if the property is up to your standards, you will waive your inspection and move forward with the purchase.

Verify your mortgage eligibility (Aug 16th, 2022)

Once the seller receives the inspection objection with your requested repairs, they will likely negotiate these items with your agent. A typical agreement states that the seller will make the agreed upon repairs within a set timeframe. Another common agreement would be a seller concession, where the seller pays a portion of the buyers closing costs in lieu of repairs.

The home inspection is one of the most substantial contract contingencies that a buyer possesses. Once the purchase contract is past this step, it becomes much harder for you to back out of the deal. Because of this, the home inspection will be one of the most important items you will discuss with your agent.

 

Verify your mortgage eligibility (Aug 16th, 2022)

Should I Ever Waive My Right to an Inspection?

In short, no, you should never completely waive your right to an inspection. Even in a hot market such as Denver, I would never recommend that a client completely forego an inspection. Additionally, if a seller’s agent is looking for offers with no inspection contingency that should be a red flag. It is my opinion that a good seller’s agent should encourage an inspection and be weary of buyers who waive the inspection contingency.

This is not to say that as a buyer you cannot be lenient in the terms of your inspection objection. When you receive the inspection report there are going to be issues. There is not a home on the market today that will come back with a perfect inspection. It is up to the buyer to determine what makes or breaks a deal and decide which items you want you agent to negotiate for, versus taking on the repairs yourself.

Then again, in a hot sellers’ market such as Denver, the seller is likely not going to make too many concessions. In this case the purpose of the inspection should be to know when to walk away from the purchase. In the past we have used the following clause in our Contract to Buy and Sell Real Estate:

Verify your mortgage eligibility (Aug 16th, 2022)

“Any Inspection Objections shall only include major latent defects that would cost $2,500.00 or more to mitigate or repair. These objections include, but are not limited to, significant roofing issues, major foundation issues, major sewer issues, and /or hazardous materials found on the property.”

In this instance you are covered in the event of a serious defect in the property, and you would have the right to back out of the transaction. Plus, if there is a defect of this magnitude on the property the seller is legally required to disclose the issue in the future. Thus, rather than finding a new buyer for the property, they may be more willing to negotiate towards an agreement.

(There is only one circumstance that would allow for you to waive your inspection. This is the purchase of a new build home that comes with a strong warranty from the builder.)

Verify your mortgage eligibility (Aug 16th, 2022)

 

In Summary

The home inspection is a crucial step in the home purchasing process. As a trusted real estate agency in Colorado, our team would never recommend our clients skip the inspection. There are just too many potential consequences that could come because of doing so.

Four our clients’ inspections we have always recommended Navigations Home Inspection. Joel’s reports are professional and comprehensive, and he is always upfront and honest with our clients.

Verify your mortgage eligibility (Aug 16th, 2022)

Our agents at Lawrence Family Properties, LLC have a complete understanding of the home inspection process. We will help you to understand what items are the most important to look for and help you decide which may be less crucial. We will help you pursue the home of your dreams while looking out for your best interests. Please reach out to our team with any questions you may have regarding your home inspection. We look forward to working with you for any and all of your real estate needs.

 

Contact

Show me today's rates (Aug 16th, 2022)
Lawrence Family Properties, LLC
Lawrence Family Properties, LLC Denver, CO
Click to Call or Text:
(303) 578-9142
Find your dream home today!