How to make an Offer to Purchase
Home inspections
A home inspection should not be confused with a property appraisal. An appraisal is an estimate of value that is prepared by a professional appraiser. A home inspection is an examination of a property to determine the condition of the structural and mechanical systems. This inspection should be completed by a professional home inspector.
Although home inspections are optional, it’s recommended that you include a home inspection contingency in your Offer to Purchase. By making your offer contingent on an acceptable home inspection, you have the option to withdraw the Offer to Purchase if the inspection reveals major problems that neither you nor the seller is willing to correct.
In fact, you may want to have the inspection completed before you apply for your loan. That way, you will uncover any problems with the home before you spend money or time on securing financing.
Usually, it is your responsibility as the buyer to pay for an independent home inspection and it is always money well spent. A professional home inspection usually only takes two to three hours, but, it gives you valuable information on the home’s structural condition and mechanical systems.
