The home inspection phase is a mutually agreed upon time frame during which the buyer may obtain third-party assessments of the structural and mechanical components, even if the property is being sold "As Is". As with all professionals the buyer will require during the home buying process, family, friends and the real estate agent may have recommendations, but the choice is ultimately the buyer's to make. The buyer may also choose to visit the American Society of Home Inspectors website, www.ashi.org to obtain further valuable information and a list of qualified home inspectors by area.
The home inspection professionals will provide comprehensive written reports that outline in detail the findings of the various components of the home inspection. Typically, the buyer/buyer's agent must submit requested repairs, or "remedies" to the seller/seller's agent in writing within five days of receipt of reports. It may be necessary to secure experts or contractors to validate and estimate the cost for repairs that the buyer has requested. All consultations and cost estimates/quotes must be in writing and typically, the seller will expect these to come from licensed professionals.
Finalizing the Repair Phase
Once negotiations have led to the mutual agreement between the parties regarding resolution of the home inspection remedies, repairs will be made--in many instances after mortgage commitment is confirmed and almost always, prior to closing. The lender may elect to send out an inspector to verify that repairs have been made and written receipts from licensed professionals are typically required.