Value—A home inspector is not a home appraiser, and he can not appraise the value of the property.
Guarantees for the future— An inspector checks the function of the home at the time of the inspection only. Though he may try to report any potential problem areas, there are no guarantees either expressed or implied for future performance. A separate home warranty can be purchased to protect against some future malfunctions, but be sure to read the fine print. Consult with the real estate agent or broker for more information about home warranties.
I Have My Inspection Report—Now What?
The inspection report should be carefully analyzed. The information it contains is an important tool for the homebuyer, as it can be used in a variety of ways:
Renegotiate—If the inspection uncovers needed repairs, the potential homebuyers can use it to renegotiate the contract terms. They can either ask the sellers to make the needed repairs or they can ask for money back at closing. Sometimes sellers will simply reduce the selling price to accommodate needed repairs.
Retract—In the case of major problems, such as mold or structural damage, a buyer may choose to terminate the contract. Under these circumstances, the homebuyer has avoided a potentially costly and dangerous situation.
Planning—Sometimes an inspection report will uncover minor issues that could eventually become major problems. This enables a buyer to make informed decisions about the long-term investment.
Further Evaluation—At times, an inspector will find an issue beyond the scope of his expertise and will recommend further evaluations. For example, if he sees signs of mold he might suggest that a qualified mold inspector be called upon to assess the damage (Some home inspectors do conduct additional inspections, such as mold, radon, etc. This will need to be checked on an individual basis).