Home Inspections, Negotiations & the Road to Closing

This is Post 5 in our 6-part series on buying a home in a challenging market. Start with Post 1 here.

Your offer was accepted. Congratulations! That's a big moment, but you're not at the finish line yet. The period between accepted offer and closing day is one of the most important and most misunderstood parts of the home-buying process.

Here's what to expect.

The Home Inspection

One of the first things that happens after your offer is accepted is the home inspection. This is one of the most important steps in the entire process, and we strongly recommend every buyer complete one regardless of the home's age or condition.

What a home inspection covers: A licensed home inspector will conduct a thorough visual examination of the home's major systems and components, including the foundation, roof, HVAC, plumbing, electrical, insulation, windows, doors, and more. The inspection typically takes 2–4 hours and results in a detailed written report.

Should you attend? Yes, absolutely. Being present during the inspection lets you ask questions in real time and gives you a much clearer understanding of the home than reading the report alone.

What happens if issues are found? Almost every home inspection reveals something! That's normal and expected, especially in older homes. The question isn't whether issues exist, but how significant they are and what to do about them.

After receiving the inspection report, you generally have several options depending on what's found:

• Request that the seller make specific repairs before closing
  
  
• Ask for a price reduction or seller's credit in lieu of repairs
  
  
• Accept the home as-is if the issues are minor
  
  
• Walk away from the contract if serious problems are discovered 

Your agent will help you evaluate the findings and determine the most appropriate response.

Specialty Inspections

Depending on the home and what your general inspection reveals, your inspector or agent may recommend specialty inspections. Common ones in Texas include:

• Foundation inspection — Important in our part of Texas, where expansive clay soil can cause foundation movement over time
  
  
• Roof inspection — Particularly for older roofs or after recent hail activity
  
  
• Pest inspection — Checks for termites and other wood-destroying insects
  
  
• HVAC inspection — For older systems that may need service or replacement soon
  
  
• Pool inspection — Check the pool for leaks, and ensure that all the equipment functions properly.
  
  

These add-on inspections typically cost a few hundred dollars each and are not required.

The Appraisal

If you're financing the purchase, your lender will order an appraisal. This is an independent assessment of the home's market value by a licensed appraiser. The lender requires this to confirm the home is worth what you've agreed to pay.

If the home appraises at or above your purchase price: Great — everything proceeds normally.

If the home appraises below your purchase price: This is called an appraisal gap, and it creates a situation that needs to be resolved before closing. Your options typically include renegotiating the price with the seller, paying the difference in cash, or, if you have an appraisal contingency in your contract, potentially walking away.

Your agent will help you navigate this if it comes up.

Title Search & Title Insurance

Before closing, a title company will conduct a title search to verify that the seller has the legal right to sell the property and that there are no outstanding liens, judgments, or ownership disputes attached to it.

You'll also be offered owner's title insurance, which protects you against any title issues that may surface after closing. It's a one-time fee and provides long-term protection. We recommend it.

The Final Walk-Through

Shortly before closing (usually within 24 hours) you'll do a final walk-through of the home. This is your chance to confirm that:

• The home is in the same condition it was when you made your offer
  
  
• Any agreed-upon repairs have been completed
  
  
• No fixtures, appliances, or included items have been removed
  
  
• The property has been left clean and free of the seller's belongings
  
  

If something is wrong during the walk-through, don't panic! Your agent will be before you sign anything.

Clear to Close

Once the lender has completed their review of all documents and conditions, they'll issue a "clear to close," giving you the green light to proceed to closing day! This is one of the most satisfying phrases in real estate.

You'll receive a closing disclosure, a detailed breakdown of all fees and costs in the transaction, before closing. Review it carefully with your agent and don't hesitate to ask questions about anything you don't understand.

Next in the series: Closing Day & What Happens After You Get the Keys

Previous in the series: How to Make a Competitive Offer Without Overpaying

Questions about inspections or the closing process? 📱 Call or Text: (325) 603-8110 📨 Email: info@harbinteam.com 🌐 www.tonyaharbin.com

The Tonya Harbin Team | Real Broker, LLC. | Real • Personal • Trustworthy