Tips for Avoiding Sour Grapes in Life’s Biggest Transaction

Buying a home is one of the biggest transactions in most people’s lives. Home inspectors can help ensure the transaction is satisfying to all, or they can leave a new buyer feeling cheated because home inspection is not consistently regulated across the country, and not all home inspectors are created equal.


Advertisement



A Better Budgeting and Planning Solution is here.

Microsoft® Forecaster is an affordable way to customize your budgeting and planning to give you the control you need to manage your business' performance. As soon as you enter a number, it's available for analysis, allowing you to see how it impacts revenue and costs. This streamlined budgeting and planning solution helps decrease the chance for errors and miscommunication. And with Microsoft Forecaster, changes are easy to make. Even last-minute ones.


Visit www.microsoft.com/forecaster for more information.


Consumers can reduce the risk of hiring bad home inspectors by becoming educated about the home inspection process. Talking to real estate agents about home inspections or taking real estate classes can be helpful in this regard. In addition, asking realtors, friends, family and co-workers for references of home inspectors they have worked with successfully can help. Finally, when contacting a home inspector, the following questions should be asked before contracting for any service:

  1. What credentials does the home inspector hold and which organizations awarded the credentials? What other types of education and experience do they have?
  2. Is home inspection their full-time occupation? How many home inspections do they perform annually?
  3. Can consumers (either buyers or sellers or both) attend the inspection and ask questions during the inspection?
  4. Have any complaints or lawsuits, relating to home inspection, been filed against the home inspector or the home inspection company?
  5. How much will an inspection cost?

It is important that the buyer or seller confirms the information provided by the home inspector. This may mean contacting a professional organization, such as the National Association of Home Inspectors Inc. (NAHI), the Better Business Bureau (BBB) and possibly a lawyer who can search civil court records. To determine if the price quoted by the home inspector is fair, a good rule of thumb is that the price of the inspection should be equal to 1 or 2 percent of the total transaction value. Often, quality home inspections will uncover issues whose repair will cost many times the amount of the fee.

The home inspection profession is a demanding job that requires a broad base of knowledge in all areas of home construction, maintenance and safety issues. Consumers should only accept home inspectors with credentials from national organizations such as NAHI.

You may like these other stories...

By Deanna C. White Millennials may be incredibly savvy when it comes to using technology to research nearly every decision they make, but when it comes to determining their financial habits, a new survey suggests they...
By Deanna C. White A survey by the American Institute of CPAs (AICPA) indicates that many American parents are still reluctant to engage their children in significant conversations about money, with only 13 percent of...
By Jason Bramwell The percentage of higher education leaders who  are "very concerned" about their ability to maintain current enrollment levels is on the rise, according to the second annual Higher...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.