When buying a house in Austin TX, there are several steps to follow, but if broken down, it's much less intimidating. What else helps? Doing the steps in a particular order.
For example, Part 1 of buying a house in Austin TX talked about getting Pre-Approved for a mortgage, while Part 2 talked about how to start looking for houses and neighborhoods. Part 3 talked about actually looking at the insides of houses, while Part 4 talked about writing the offer.
This next part will address the inspections.
ALL houses in Texas are sold "AS IS". This means that all houses are sold from seller to buyer in their current state of condition.
However, buyers and sellers can negotiate an inspection period in the contract. The inspection period is usually refered to as the "Option Period" because this is the amount of time the buyer has the "option" to back out of the contract for any reason they want.
Why is it important for a buyer to get an independant inspection on the home they're about to buy? So they know any underlying issues with the house that they couldn't see on the surface.
What is a buyer looking for in the inspection? They're looking for issues pertaining to the "functionality of the home". This means, is the foundation performing as intended; is the roof in good condition and insurable; is the AC running and cooling properly?
What is the inspection NOT looking for? The ceiling fan is wobbly; the faucet has a drip; Caulk is needed around the bathtub...
The inspection is not for a laundry list of items to hand over to the seller. You're buying a house "AS IS", and no house is perfect, and part of home ownership is making the house your own... but if there is something pertaining to the actual functionality of the home, repairs can further be negotiated as those were things you didn't know about previously and the house needs to function.
Sellers are also not obligated to fix things within the house that were not code at the time the house was built. For example, houses built in the 1960's might not have GFCI protection on their outlets. This is a fast, easy, and very inexpensive repair, and a seller who didn't do it while they lived in the house, is not going to do it for you because your inspector said it needs to be done.
Another example is the water heater not having a drip pan. This is a fairly new code, over the past few years, and if the water heater is 10-15 years old, or even older, there might not be a drip pan under it, and a seller isn't going to pay the expense to put a drip pan underneath it. You, as the new home owner, should remember to put one under it when you replace the current one.
Again, inspections are not intended for the buyer to hand a list of minor maintenance items to the seller and demand fixes. The inspection is so you know the current condition of the property so you know what to address once you move in.
Part 6 talks about the waiting game as your closing date comes near.
**Are You Packed Yet?**
Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
** #1 Agent in my Office for all of 2008 **
Copyright© 2009 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Real Estate - Buying a House - Austin TX- The Simple Steps to Follow- Part 5 * was first published on donnahomesblog.com