Last week 84 transactions were reported to the Multiple Listing
Service (MLS). Fourteen sales were completed – done deal, moving
vans, commission checks. Eighteen houses came on the market.
Twenty-one sellers accepted contracts from buyers, and 14 potential
sellers either withdrew, cancelled, or saw the expiration of their
Last week 84 transactions were reported to the Multiple Listing Service (MLS). Fourteen sales were completed – done deal, moving vans, commission checks. Eighteen houses came on the market. Twenty-one sellers accepted contracts from buyers, and 14 potential sellers either withdrew, cancelled, or saw the expiration of their listings.
As of Monday morning, there were 199 active single family detached homes available for purchase in San Benito County. If you decide to purchase one of these homes, you will no doubt first seek the counsel and experience of your local real estate professional. And you will also get pre-approved by your lender. (Ahem…right?)
Then your agent will show you all the homes available in your price range that match the criteria you have defined together. BINGO! You find the perfect house. Actually, the Perfect House probably doesn’t exist. But you find a home you know will work for you.
Now what? Your agent will no doubt encourage you to inspect your home. The seller has a responsibility to disclose all material facts that might limit your use and enjoyment of your property. (Does that sound like lawyer talk, or what?) But then the onus is on you to inspect any area of concern for yourself.
Typically during a house sale a pest inspection will be done. This inspection fee is generally $100 to $200. Most mortgage companies require what is called a Section 1 clearance. This guarantees there are all active infestations and dry rot identified during this inspection be eliminated. The lender is seeking to minimize its risk with this investment by ensuring its maintenance.
Another common inspection is a whole home inspection, which runs in the neighborhood of $300 to $500, depending on house size. The inspector will spend several hours at the home trying all the faucets and lights, checking out the attic, making note of all items which need repair or routine maintenance, noting anything raising a “red flag” to the inspector’s trained eye.
Should you, as a buyer, be present during the inspection? Probably not. The inspector will furnish an in-depth written report to you, and will gladly explain anything you don’t understand. Think of this person as you would your surgeon. Let him or her go in, do the work, and come back and report the findings to you. I’ve seen many buyers jump through scheduling hoops to be at the inspection, only to begin yawning within the first 10 minutes.
The whole home inspection may indicate areas of concern that the buyer will want to investigate. The cost of these additional professional inspections will rest with the buyer. Here’s the Catch-22 with this process: These inspections are done by licensed professionals who anticipate doing the repairs themselves. Don’t you think this makes it very attractive to find LOTS of problems? (This is another reason to use a local Realtor who knows the best and most ethical contractors!)
Whether or not you choose to be at inspections is a matter of personal preference. But remember to let the inspector do his or her job without distraction, and be kind to them.
Be kind to your Realtor, too!
Nants Foley is a Broker Associate at Coldwell Banker Residential Brokerage in Hollister. Contact her at [email protected] or 831.630.1300.