Remember, buying a house will likely be the largest and most significant purchase of your life, and this isn’t the time to gamble with such a large amount of money at stake. When buying a home, you must have an inspection done prior to signing the contract.
AFTER THE HOME INSPECTION
What can you expect afterward? Now that the home inspection — or inspections — is complete, you and your agent will receive a full inspection report. After this, there are essentially three possible outcomes about what happens going forward.
BEST-CASE SCENARIO
In this case, everything looks good, everything is fine, the property is in excellent condition, and no further work is required or recommended. This means you are good to go with moving toward other paperwork in the closing process. Congratulations! You are one step closer to homeownership.
MOST TYPICAL SCENARIO
A more typical scenario is that the house is in generally good condition, but requires some minor repairs. This could involve some negotiations between your agent and the listing agent. In fact, the discovery of minor issues requiring repair can actually give you a leg up in negotiations, because you can often either get the seller to lower the asking price (a price concession), or have the seller agree to cover the costs of the repairs as part of the purchase agreement.
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