What to expect after your offer is accepted

Navigating the Home Inspection Process After Your Offer is Accepted

Did your offer get accepted? If so, congratulations! One of the first major steps in the escrow process is the home inspection. Hopefully, you took some time to celebrate, but with the escrow clock ticking, it’s time to get down to business to ensure a smooth and on-time closing. Informing your lender of the accepted offer is crucial so they can start processing your financing. Be sure to also contact your insurance agent to get your coverage ready.

Look for an Inspector

Your realtor will likely have a recommendation for a home inspector, but if not, ask the closing agent or your lender for a suggestion. Getting a reputable inspector is imperative to uncover any potential issues with the home. Keep in mind that only 29 states actually require the inspector to be licensed, as scary as that sounds. The inspection is typically paid for by you, the buyer, and it is worth every penny unless, of course, you are a home inspector yourself. Oak Capital Mortgage can also provide recommendations for reliable inspectors.

Be Present During the Inspection

If an inspector does not want you there, that is a red flag. Look for a new inspector. The seller will not typically be present, and it is preferable that they are not so the inspector gets an unbiased opinion of the home. While the inspector goes through the house, feel free to ask questions. The inspector will likely point out several items of interest to you.

Understanding the Inspection Report

After the physical inspection is complete, the inspector will deliver a report to you within a few days. Here’s what you should expect:

Don’t Panic Over the Length

The report may be lengthy—all homes have issues, especially older homes. As long as you have a good inspector, all the issues will be pointed out. Focus on major red flags such as foundation problems, joist issues, floor support items, or roof problems. A good inspector will highlight these critical areas.

Deciding on Repairs

Once you have reviewed the report, decide if you want to fix the items after closing or amend the offer to ask the seller to fix certain items before closing. Don’t get too picky on the small items, but do pay attention to any medium or large issues. These can be addressed as part of the purchase agreement, or you can negotiate to amend the purchase price to account for the issues that you may need to fix after moving in. If the problems are more than you can bear, sometimes you have to walk away and look for the next property.

Final Thoughts

The home inspection is a critical part of the home buying process. It ensures that you are aware of any potential issues with the property before finalizing the purchase. By working with a trusted inspector and staying informed, you can make confident decisions. Oak Capital Mortgage is here to support you throughout this journey, providing guidance and resources to help you achieve your dream of homeownership. Good luck!