10 Deadly Home Inspection Blunders Costing Buyers a Fortune

Article First Appears: https://finance.yahoo.com/markets/stocks/articles/10-deadly-home-inspection-blunders-184309509.html

 

Home inspections reveal defects that can pose physical and financial risks to buyers. Although some inspection blunders are the inspector’s fault, buyers also have responsibilities where inspections are concerned.

Here are 10 home inspection mistakes that can be dangerous and costly to homebuyers.

Inspector Errors

Even experienced inspectors can make mistakes.

Overlooking Mold

Mold can be easy to overlook, said Cindy Raney, global luxury property specialist and founder of Cindy Raney & Team, which operates under Coldwell Banker Global Luxury Properties in Fairfield County, Connecticut.

Although home inspector aren’t responsible for testing for mold, an experienced one should know when to recommend environmental testing.

Not Recognizing Asbestos

Asbestos present in insulation, floor tiles, textured ceilings and siding can be deadly if disturbed. As with mold, the inspector’s job is to know when further investigation is warranted.

Ignoring Radon

Carcinogenic radon gas can seep into a home from the ground. Detection is outside the scope of a standard home inspection. But failure to recommend testing for potentially vulnerable homes is a serious mistake.

Missing Water Infiltration

Homes with moisture issues almost always have signs, Raney said. If the inspection misses them and the infiltration goes unaddressed, dangerous mold can result.

Not Identifying Structural Movement

“Missing early indicators of foundation problems can leave a buyer facing underpinning or structural reinforcement that quickly becomes a massive expense,” Raney said.

Indicators include stairstep cracks and bowing foundation walls.

Not Scanning for In-Ground Water Tank

An oil-heated home might have an underground storage tank that can cause major problems if the inspector misses signs that a scan or sweep is in order.

“If an abandoned tank is buried on the property and leaking, remediation can easily climb into six figures,” Raney said.

Buyer Errors

Avoiding these mistakes can save you tens of thousands of dollars in repairs after closing.

Failing To Check Permits on Renovations

Building permits help to ensure that repairs and renovations were completed safely and to code.

“Not checking if something was done without a permit can be a catastrophic error for a buyer,” said Jeff Lichtenstein, CEO and broker of Echo Fine Properties in Delray Beach, Florida. “Some inspectors do this and some don’t.”

Failing To Attend the Inspection

Lichtenstein noted that while buyers receive lengthy inspection reports, “it’s critical that they understand exactly what is going on, as paper can lead to misunderstandings.” If you can’t attend in-person, watch via a video call with your agent.

Hiring the Inspector for Repairs

“Never let an inspector, or use them if they offer to, do the fix up work. This happens and it just shocks me,” Lichtenstein said.

Not only is this a serious ethical violation, according to the American Society of Home Inspectors, but it’s also illegal in many states.

Skipping an Inspection Entirely

Skipping the inspection is the most dangerous, and potentially most costly, mistake of all — like buying a several hundred thousand dollar car without starting it up and looking under the hood.

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