Inspections can make or break a home sale
Today, two of my listings are having Home Inspections. My Sellers and I are awaiting the reports. Why? Quite simply it is because a Home Inspection can make or break a home sale. 
Generally, the buyers purchasing a home will ask for a variety of different inspections to verify and get assurance that the home they are buying is in good condition. The MD Association of Realtor’s form states: the purpose of any inspection(s) is to discover significant and material defects or advise of dangerous conditions. Typical inspections include: Structural and Mechanical (general home inspection), Mold, Environmental, Radon, Chimney and anything additional like a pool or spa. A Termite or Wood Destroying Insect Inspection and a Lead Paint Inspection are generally handled differently but can also be included under the Home Inspection umbrella.
A buyer, when making an offer, will specify what inspections they want to perform and the time frame when they will be completed and the reports provided back to the seller (usually within 7 to 15 days). When the inspection is complete, the buyer may advise the seller in writing what items, if any, they want fixed or repaired. Sometimes the buyer may ask for a credit to have the work done themselves. Once the seller is advised what the buyer is requesting, the seller then has 5 days to respond in writing. The seller can agree to all, some or none of the items requested. If they choose to NOT do any of what the buyer requested, the buyer has the right to cancel the contact, if they desire. In my experience, the buyer and seller tend to work out an acceptable compromise.
In some Inspection Addendums the buyers have the unconditional right to terminate the Contract for no stated reason based on the buyers’ general dissatisfaction with the inspection. Sellers generally do not like this clause because they would like to have the opportunity to correct any issues and may feel the buyer is not actually committed to the offer they made, if this particular option is chosen.
There is a lot more to Inspections during a sale that I would be happy to review with you.
If you are a buyer I highly recommend that you use a good, reliable Home Inspector. Nowadays Home Inspectors are regulated by the MD Department of Labor, License and Regulations and a buyer can no longer use a friend and relative unless that individual is Licensed as a Home Inspector by the state.
Within the context of home inspections, Environmental Inspection issues can include existence of asbestos, polybutylene piping, underground storage tanks, urea formaldehyde foam (UFFI), and synthetic stucco (EIFS).
Bottom line— keep your home in good repair and check out any issues that arise while you own the home as it will benefit you in the long run. Believe it or not, I purchased my home in the housing boom of ’03 and I chose NOT to make my purchase contingent on Inspections—we were competing with 5 other buyers and the home was only 6-7 years old. I would NEVER recommend this to any of my buyers because it can be risky. I did have a Home Inspector come out to my home a few years ago to set my mind at ease (I know I should have done it soon after I moved in but life got in the way). Fortunately he found nothing major but did point out a few things we should repair and he also found a Freon leak in one of the AC systems. Selling or not selling, having a Home Inspection prior to putting your home on the market is a good idea. The down side is that if there is anything major and you choose not to fix it you may have to include it on a Disclosure Statement (this brings up the issue of Disclosure and Disclaimer and that is a topic for another post).
