You're cruising along quite nicely. You've found a REALTOR, lender, house and have it all negotiated and agreed to....you're holding on to a signed contract to buy your first home. Congratulations! Now you've got to make certain that puppy is a good buy (home inspection) and that you're well represented (attorney).
Nothing scares me more, in working with buyers, than the potential call 6 months or a year later to complain that the house I sold them is a lemon. I always recommend the single-best inspector around. Your REALTOR can and will give references out as well. Here's some things to inquire about when selecting a home inspector (whether referred or not):
- How long have you been practicing?
- Are you member of a professional association?
- What is your continuing education requirement?
- Can I attend the inspection?
- How long will it take?
- What will you/won't you inspect?
- What is the fee?
- What type of report do you give and how long will it take to be completed?
Any inspector worth his or her salt should answer all of these questions quickly and confidently. If you have any hesitation towards the individual or team you're considering, step back and question yourself, "Can I wage possibly the largest investment of my life on this person's 'expertise'"? If the answer is no, move on.
Assuming you select a good inspector and the home being purchased is not an 'as-is', short sale or any type of REO or bank owned property- you will have until the end of your attorney modification period to ask for items requiring attention to either be fixed or credited for monetarily. Remember, this only applies for items over $500 (in my contract)...there is some risk involved in buying a home and as NONE are perfect, it's unrealistic to think a seller can or will get it in perfect shape in order to close.
In my board of REALTORS contract the home inspection clause goes longer than the attorney modification clause (10 calender days to 7). It's always wise to get the home inspection done immediately so any potential issues are unearthed and resolution can be found.
People ALL THE TIME want to bypass the attorney. That's your choice, but never recommended by this guy. A REALTOR cannot practice law (unless he or she holds such qualifications to practice as an attorney). I always tell folks mulling over the idea of skipping legal representation, "I'm no dummy but the worst attorney around is going to run circles around me in any sort of legal-based confrontation. Spend a couple of bucks to make sure you're well-covered."
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