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Inspections an important part of real estate transactions

After weeks or months of home searching in Virginia, a couple has found the ideal home -- or so it seems. They have been pre-approved for financing, and they have developed lofty ideas about how to turn their new home into their dream home. Even better, their offer has been accepted -- a major turning point of real estate transactions. However, their work is not over -- not until they have had their homes inspected.

Inspections are critical for pinpointing any problems that may exist in a potential home. They are different from home appraisals, where professionals examine homes to determine their values on behalf of lending institutions. Home inspectors, unlike appraisers, are focused only on whether homes are safe -- not how valuable they are.

However, a home inspector's goal is not to advise would-be buyers on whether to purchase a particular home. Rather, the home inspector is concerned solely with whether the home is functioning correctly. In addition, these professionals are impartial, so they will not get involved in helping buyers to renegotiate their purchase prices.

Purchasing a house in Virginia can be overwhelming, as a home is oftentimes a person's biggest investment and thus his or her largest asset. The legal aspect of real estate transactions can especially be intimidating. After all, a single mistake has the potential to cost a buyer financially or even to cause a real estate deal to fall through altogether. However, an attorney can provide homebuyers with the necessary guidance to seal the deal in the most personally beneficial manner possible.

Source: realtor.com, "9 Home Inspection Myths Buyers Should Stop Buying Into", Wendy Helfenbaum, May 24, 2018

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