When speaking at my seminars about the entire home selling process, I seem to be asked most often about home inspections. Home inspections are a critical part of the real estate transaction.

When I started as a fledgling Realtor in 1977, we would sell a home and the buyer would rely almost 100% on the seller’s verbal statements as to the quality and soundness of their home. There were no condition reports as required by law today. A condition report asks the seller direct questions as to any problems they may have experienced over the years with the structural and mechanical condition of the home. Questions are direct such as ‘have you had any water coming in the basement?’ We interview the seller as to the condition of the furnace, plumbing, roof, electric and so on. If the seller has knowledge of any problems they’ve experienced, or have any reports from inspectors or contractors, this information is disclosed to the potential buyers who views the property. The buyers must sign this report when an offer is made.

The advantage of a condition report is (more…)