August 2018

Help clients prepare for their home inspection

A home is one of the largest purchases that most people ever make, and that makes the home inspection a very important part of the home buying process. The inspection provides key information about the home's construction, its need for maintenance and whether or not any major repairs may be required — information that's invaluable to both buyers and sellers.

To help you serve your clients better, here are answers to five common questions you should be prepared for them to ask.

  1. When does the home inspection happen?

    Typically, buyers should schedule the home inspection as soon as possible after the purchase agreement has been signed. That way you and your clients have time to take any problems back to the negotiation table.

    If your client is planning to sell, encourage them to schedule a home inspection before putting their home on the market — especially if you suspect any potential structural issues that could hinder the likelihood of the sale. A pre-sale inspection will give clients the opportunity to fix any issues before potential buyers come along.

  2. What does the inspector check?

    Home inspectors usually check more than 1,600 items during the inspection process.Footnote1 According to the American Society of Home Inspectors (ASHI), these items include "the condition of the home's heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components."

  3. What does a home inspector NOT check?

    An inspection won't automatically include things like checking for radon gas, lead paint, toxic mold or asbestos. These items require a specialist inspector. Learn more about what inspectors won't check in a home. For additional details, get a sample home inspection checklist for your clients.

  4. How do I find a quality home inspector?

    Clients may ask you for referrals, so it's a good idea to keep a list of reputable general home inspectors and specialists in your area. You can also refer them to the ASHI website, which includes a searchable database of inspectors by city and state or by ZIP code.

  5. How much will a home inspection cost?

    There is no standardized fee for home inspections, but the national average runs around $324.Footnote2

    A few factors that determine home inspection costs:

    • Going rates in your area
    • Size of the home
    • Age of the home
    • Per hour charge versus flat rate

If your clients are planning to buy

You and a trusted home inspector are invaluable resources for your clients — as is a knowledgeable lender. Working closely together with your local Bank of America lending specialist can help make the home buying process smoother for your clients at every step, from prequalificationFootnote* to application to closing.

To learn about how we can help you support your clients — as well as to find out about the wide range of fixed- and adjustable-rate mortgages available from Bank of America — contact your lending specialist today.

Sources:
1"The home inspection checklist: Don't buy a home without it," Realtor.com

2"How much does a home inspection cost?" HomeAdvisor.com

Disclosure:
*Prequalification is neither preapproval nor a commitment to lend; you must submit additional information for review and approval.

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