If you are buying or selling a house in Chittenden County, Vermont then heed this warning, “The house may not pass a building inspection.” What do you mean, “pass an inspection?” Are inspections now pass or fail? The short answer is “yes.”
Your Purchase and Sale Contract may include an Inspection addendum, with the caveat “Inspection report shall be to Purchaser’s satisfaction.” Satisfaction? Like a Yelp review on a restaurant? Does satisfaction mean a 5-star review? Or just, yeah, okay, satisfactory, like a 3-star review. Or satisfaction like the Rolling Stones, “Can’t get no satisfaction?”
And finally, is it a case of, there are no bad inspections, just buyers with high expectations? Let’s explore.
Let’s dive into the good, a 5-star inspection. Congratulations, the house you are buying has no significant structural, mechanical, electrical or plumbing defects. You may move along toward closing, this contingency is satisfied and the purchase price on the original contract remains intact. Or, maybe the house needs some GFCIs (ground fault circuit interrupters) and a mixing valve on the hot water tank. Oh, and the smoke detectors are over 10 years old and now need to be photoelectric. As the seller you will have to sign a document that states the smoke/fire/co2 detectors meet the current electric code. Most sellers will concede to some electrical updating along with the smoke/fire/co2 detectors.
Let’s look at a bad inspection, one that produces a laundry list of items that includes every historical leak (darn it, we knew we should have repainted the ceiling after the tub overflowed 5 years ago), creak, nail pop and flaw in the house, interior and exterior. The exterior suffers from peeling paint on the trim, curling asphalt shingles on the roof, gutters that are full of leaves and a driveway with potholes.
Now, let’s look at a plain old ugly inspection. This one has an active leak, usually a sewer pipe in the basement (don’t step in the puddle), mold (dead or alive?) in a poorly ventilated attic, and, everyone’s favorite, an old oil tank in the basement or an old furnace.
The issues that arise at inspection range from good, bad to ugly. That is why you want to hire an experienced real estate agent to walk you through the different scenarios. As a buyer, your agent can tell you which items you should ask the seller to take care of, if you should ask for money back, or if you should back out of the deal all together. As a seller, your agent will be able to advise you on which items are typically taken care of and what you can say no to.