Lake Tahoe Real Estate Blog | Tahoe Homes, Real Estate & Properties.

Lake Tahoe Real Estate Blog

RSS

South Lake Tahoe, CA Market Statistics

Stateline, NV Market Statistics

Lake Tahoe Blog iPod

Shuffle Show
Our Bolero Button

Stat Counter

First Time Home Buyers in South Lake Tahoe: Step Eight

November 28th, 2009 categories: First Time Home Buyers, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe, CA, Stateline, NV

The Home Inspections

This is inspired by a colleague and friend of ours, Rich Jacobson , who owns the Kitsap County Real Estate Blog in Washington state. His work for the source of this series is superb, and with his graces we are retooling it for first time home buyers in our South Lake Tahoe real estate market.

This then is the eighth in a series of articles focused on helping 1st Time Home Buyers successfully buy a house in South Lake Tahoe. Each time, we’ll focus on key events, or steps if you will, in the South Lake Tahoe home buying process.

1. In the first of these, we talked about Mortgage Lenders and Loan Pre-Approval.
2. In the second article we looked at the first five of the top ten traits to look for in finding A Great Real Estate Agent ( Pt 1).
3. In the third article we discussed the second five of the top ten trails to look for in finding A Great Real Estate Agent (Pt 2).
4. In the fourth article we looked at the initial meeting with your agent and Exchanging Vows: The Buyer Agency Agreement.
5. In the fifth article we looked at How Much $$$ Does it Cost to Buy a House?
6. In the sixth article we provided Tips for Home Tourists.
7. In the seventh article we looked at Writing the Offer they Can’t Refuse.

Step Eight: Home Inspections, a Must for Every Buyer

Your offer has been accepted and you’re under contract with the Seller. The next major step in the home buying process is the Home Inspection. We had touched on this previously in this series, but now that you’re on your way to buying your first South Lake Tahoe home, lets take a closer look at this important step… one that exists for your protection.

Here are some commonly asked questions & answers regarding Home Inspections:

Why do we need a home inspection? Regardless of the apparent good condition of a house, you must have a licensed professional inspect the home thoroughly. Unless the house is brand new (where sign-offs by city officials constitute an inspection), we insist on home inspections for every buyer we represent.

Think of this old adage here: “An ounce of prevention is worth a pound of cure.”

The Inspection "Contingency." In both the CA and NV purchase contracts, there is a clause that indicates that your purchase of the property is contingent upon your satisfaction of the home inspections. What this means in the most simple of terms is you have a stated "due diligence" period to perform all inspections. Until you release this "contingency", your home purchase contract is not fully formed.
The usual and customary time allotted for your due diligence is 17 days, that can be changed however within your purchase contract to best suit your particular needs.

My Brother is a handyman/contractor who will do my inspection for free! Many folks have a relative or friend that has construction experience, but the home inspection is no place to cut corners to save a few hundred dollars. You must use the services of an experienced, certified professional. We will recommend a few licensed home inspectors for you to consider.
How much does a Home Inspection cost and how long will it take? The normal South Lake Tahoe home inspection costs between $300 – $400. (It can cost more for a large, high-end home.) In South Lake Tahoe, a Pest Inspection is also required (it’s CA state law), which normally costs between $200-$300. One can figure approximately 2 to 3 hours for the inspections, which vary on the size of the house.
What is normally involved in a Home Inspection? Most Home Inspections involve a complete evaluation and assessment of all structural, mechanical, electrical, and plumbing systems and their primary components. Your inspector will make sure that the home is safe, structurally sound, and that all primary systems are operating properly. (If it is not, he will give you a report in full detail as to what it will take to get it that way.)
Should we be present during the Inspection? Because some 65% of our home buyers do not live here, it is not uncommon for many South Lake Tahoe buyers to not be present during the home inspection. If a buyer is in town at the time, we normally accompany them on the inspection. One can learn a lot about a house during this time.
Inspectors we recommend will take additional time with a Buyer to point out the features and functions of various systems in the home. If any problems are identified, the Buyer can see them first hand, which often goes a long way in relieving buyer anxiety… over repairs we normally see and have fixed daily.
What happens if the Inspector finds something major wrong with the house? We have never seen a situation that can not be corrected. So if something does come up on the inspection report, remember that the point of the inspection is to protect you.
First Time Buyers have a tendency to become overly concerned when a negative inspection issue is identified. Almost every house is going to have something on an inspection report, particularly here in South Lake Tahoe where the average age of a house is more than 10 years old.

If a significant defect is found, you have the opportunity to ask the Sellers to remedy or repair the problem. This is a negotiation process, one we are experienced in handling.

The Sellers may agree to your request for repairs, in full or in part. Most often such remedy is offered as a credit at closing. In most all instances, if the Seller’s response to your request for repairs is not acceptable, you can elect to terminate the contract and retain your earnest money deposit in full.

Once the inspection is completed and all relevant issues are resolved to the satisfaction of both parties, your due diligence contingency is released, the transaction moves forward and you’re another step closer to successfully achieving your 1st Time Home Buying Adventure!

The first post in this series, Mortgage Lenders and Loan Pre-Approval here.
The second in this series, Get a Great Agent (pt 1) here.
The third in this series, Get a Great Agent (pt 2) here.
The fourth in this series, Exchanging Vows: The Buyer Agency Agreement here.
The fifth in this series, How Much $$$ Does it Cost to Buy a House here.
The sixth in this series, Tips for Home Tourists here.
The seventh in this series, Writing the Offer They Can’t Refuse here
The next article, Avoiding Last Minute Surprises here