Monday, July 8, 2013

Home Inspections in Sarasota

After working with a couple of recent customers and sharing stories with some of my colleagues, I thought it was time to revisit the role the home inspection plays in the home buying process.

The home inspection contingency has been put in place in FL real estate to help buyers determine if a home has hidden (latent) major deficiencies, that are not readily visible from the buyer's personal observation.

Repeat:  Hidden major deficiencies not readily visible.

The home inspection report will note every single aspect of the home, including worn flooring, old paint, old appliances, and old systems such as water heaters and HVAC.  Buyers can readily view these items, even the age of the HVAC and hot water heater, during the showing appointment (or I can point them out to you if you make an offer sight unseen).  As your real estate agent, I can provide advice on how your offer should take these items into account in your offer price.

The home inspection is also required by FL law to note the age of major systems and whether they are at the end of their useful life.  Because of this, buyers are always tempted to ask sellers for replacement of HVAC, roofs, or water heaters that are at the end of their supposed useful life as a result of the inspection.

FL real estate contracts specifically prohibit requiring the seller to repair or replace working major systems that are at the end of their useful life, if they are performing their function.

Bottom line:  Your offer should already take outdated systems or cosmetic items into account.  Major systems at the end of their useful life that are working should not be repaired or replaced per FL real estate contracts.  Major hidden damage revealed from the home inspection are items the seller should repair or provide concessions to the buyer at closing.

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