Home Inspection Contingency

Congratulations on getting your dream home under contract!  The home inspection is a crucial step in the home-buying process. Even though some buyers are waiving inspections in this market, it's always a good idea to have one done. In Virginia, buyers are responsible for conducting due diligence, so a thorough inspection will help identify any potential issues with the property. Don't skip this important step to ensure your dream home is in top shape!

WHAT IS A HOME INSPECTION?

A home inspection is the process that allows you to check the entire house out and uncover any problems before you actually close the deal!  Your contract will spell out the process for the home inspection, but generally, it allows you a period of time in which to do any and all inspections on the property and to submit a report to the seller.  If problems are discovered you have some choices:

1. you can accept the house in it's current condition and move on towards closing  OR
2. you can go back to the seller and ask for repairs to be done (this gives the seller the opportunity to reject, counter or accept your repair request)  OR
3. you can go back to the seller and ask for a credit to cover the cost of the needed repairs (again, this gives the seller the opportunity to reject, counter or accept your credit request)!

WHAT HAPPENS IF THE SELLER DOES NOT ACCEPT MY REQUEST?

If the seller does not agree to the requested repairs or credit, your contract will outline the next steps. Typically, you will have the choice to terminate the contract and walk away or accept the seller's offer. It is crucial that you and your Buyer Agent discussed this during the offer stage. In some cases, the buyer may have already indicated to the seller that they are willing to accept the house as is. It's essential to have a conversation about inspections, the process, and your rights with your agent.

WHAT TYPES OF INSPECTIONS DO MOST BUYERS DO?

A buyer can choose to do any inspections they wish, as long as they are done within the time frame specified in the contract.  Most buyers in this area will do the following inspections:

1. Whole House Inspection
2. Radon Inspection
3. Chimney & Fireplace Inspection (if there is a chimney and fireplace)
4. HVAC Inspection
5. Roof Inspection

A buyer can sometimes choose to do other inspections and I have had buyers do mold inspections when an inspector notes mold in the crawl space or other parts of the house!  I have also had buyers do other inspections if issues were noted in the whole house inspection!

WHO PAYS FOR THE INSPECTIONS ON THE HOUSE?

Most inspections are paid for by the buyer.  The inspection is being done for the buyers information, so the buyer should be able to choose the inspector they wish to use!  However, in our contracts in the Richmond area, sellers are generally responsible for the termite inspection as well as well and septic inspections, if the property is a well and septic property!

WHAT DOES THE WHOLE HOUSE INSPECTION INCLUDE?

A whole house inspection can take several hours depending on the size of the house.  This is a very thorough inspection and the inspector will look at all areas that they can access.  It should be noted, however, that inspectors will not open up walls or floors and will not move furniture.  The main things an inspector will look at are:

1. HVAC system
2. Plumbing system
3. Electrical system
4. Roof
5. Attic
6. Floors
7. Windows
8. Crawl Space
9. Structural Components
10. Foundation
11. Basement

In the Richmond area, in 2023, many buyers who chose to waive their home inspection were having inspectors who did "Walk and Talk Inspections".  A Walk and Talk Inspection is very different from an in-depth home inspection.  The differences include ---

• The only tool that the inspector will use during the Walk & Talk is a flashlight.  There are no photos taken, there are no ladders to access areas like the attic.
• The inspection is only limited to what the inspector can see as they walk through the property with you.  This means that there will be a lot of components that the inspector will not be able to assess while at the house.  Usually the inspector will be there while you may be looking at the house for the first time - which means the inspector may only have a maximum of 30 minutes to review the house!
• A Walk & Talk Inspection is really not an inspection but a consultation!  There may not be any standard operating procedures that the inspector may be using.
• A Walk & Talk Inspection will not produce any reports for you.  There will be no pictures and you will not get a report detailing any issues found.  Any findings are communicated orally.

Is a Walk & Talk a good idea?  Possibly - if you are thinking of waiving the home inspection because you are in multiple offers on a house, a Walk & Talk could be a good idea.  Again, something you and your Buyer Agent should be discussing at the time you write up the contract!  But you need to keep in mind that it is very limited in scope and that you won't get a report.  Waiving a home inspection, especially in Virginia, comes with some risk, so this type of inspection may be better suited to those buyers with a higher risk tolerance or are able to take care of any large & expensive repair issues after closing!  It is always recommended that you follow up with a more detailed inspection after you have gotten your offer accepted!

Thinking of buying a home?  Have questions about the home inspection?  Have questions about buying a home in Richmond?  Feel free to get in touch and let's schedule coffee and discuss!