Property Inspection Pitfalls
Any real estate agent worth his/her salt will recommend that you have inspections done before buying a property. That's good advice. But, completing a thorough inspection can be easier said than done.
One issue is time. Most sellers want their properties inspected as soon as possible after the contract is ratified. But in active markets, like we've seen in recent years, the good inspectors become backlogged. It can be difficult to line up the inspector you want on short notice.
Even if you are successful at arranging for a property inspection quickly, the inspector may recommend that you have further inspections done by other specialists. This is one of the most frustrating aspects of the inspection process for some buyers.
Buyers often assume that if they hire an inspector, they will learn all there is to know about the property they want to buy. Yet, inspectors aren't willing to take on liability for issues that are beyond their scope of expertise—nor should they. This means, that in many cases, the general property inspection is just the starting point.
Due diligence is an important part of buying. Even though you may have a great real estate agent to assist you, it's ultimately up to you to decide before you make a major purchase if there's any reason why you shouldn't. It helps if the sellers are conscientious about disclosing defects. Sometimes sellers aren't aware of problems that you might consider serious. So, regardless of time constraints, or competitive bidding situations, it's in your best interest to know as much about the property you're buying as possible before you close the sale. This is exercising due diligence and it enables you can make an informed decision about whether or not to proceed.
Another aspect of the inspection process that can complicate matters for buyers is the fact that inspectors' opinions are somewhat subjective. One inspector might see an item as a serious problem; another might minimize its importance.
When inspectors don't agree it's often helpful to seek the advice of a third inspector .