If you’re in the market to buy a home on Long Island, you know it can be a daunting process. Contending with high home prices and taxes, you probably just want to get it over with. However, the home inspection is an important step that you should not skip.
For home buyers (especially first-timers), you may not know when the home inspection happens. Here, we will outline the general home buying process and when to get a home inspection.
When Does the Home Inspection Take Place on Long Island?
On Long Island, the home inspection happens shortly after the seller accepts the buyer’s offer. There may be some negotiation about the price after you submit your offer. If using a mortgage lender, you need to send them a copy of the purchase agreement. However, once the seller accepts the terms, you should immediately schedule the inspection.
Home buying moves quickly in the beginning. Since you need an inspection early on in the process, you should have a good idea of who you are going to use for the inspection.
Who Pays For and Attends the Home Inspection?
In most cases, the buyer pays the home inspection. Additionally, we recommend that the buyer attend the inspection. In fact, John encourages his clients to come along and ask questions as he goes through the home.
He has found that many homebuyers are surprised by what an inspector looks for, and how in-depth the inspection report is!
What Happens After the Inspection?
The home inspection identifies any potential problems with the home before you finalize the sale. After the inspection is complete, you will receive a report detailing the findings.
The benefit of this is twofold. First, the inspection highlights necessary home repairs once you move in, as well as what to look out for in the future.
Second, you and your agent will make a list of requested fixes prior to closing. The seller does not have to do everything on the list, unless there are major home inspection fails.
If there are no major problems with the home, you can proceed with purchasing the property. However, if the home inspection fails, you may want to renegotiate with the seller or walk away from the deal altogether.
Hazards that wouldn’t be found without a home inspection
Posted by New Home Inspectors on Wednesday, May 25, 2022
What’s Next in the Home Buying Process?
There are many steps to take when buying a home. From house hunting to the time you get the keys to your new home, there’s a lot to do.
After the home inspection, here’s what to anticipate happening next:
- Home Appraisal. The appraisal is a review of the current value of the home. While similar to the inspection, there are distinct differences.
- Ask for Repairs or Credits. Upon reviewing results of the inspection, you can ask for the seller to correct some of the problems. Alternatively, you can request credits to cover some of your closing costs.
- Do a Final Walkthrough. Even when you’re 100% certain about the property, you want to do a walkthrough. You can see if the seller has left anything behind or there has been any damage between the home inspection and closing.
- Time to Close! Depending on how you are funding your home, this can look slightly different. Regardless, you will sit with lawyers, realtors, and the title company and sign your name several hundred times. Ok, we are exaggerating, but it will surely feel that way!
Final thoughts from NHI
Now that you know the process of buying a home on Long Island, don’t forget the most important step: scheduling a home inspection with New Home Inspectors! John will give you the peace of mind knowing that your new home is in tip-top shape. Give us a call today at (631) 368-1800 to schedule your home inspection. We look forward to hearing from you!