Tego Venturi: I get a lot of questions about home inspections. Yes. And every, every, just about every real estate transaction, when there’s a purchase, you know, a buy-sell, there is some sort of inspections done. And I want to just kind of go through with you what those options are, what buyers should be thinking about more that we’ll talk more about buyers and sellers, but you know what buyers are thinking about when they’re wanting to buy and they’re going to get an inspection done first off, what’s the difference between a home inspection and an appraisal?
Tracy Venturi: An appraisal is to verify the value for the lender of the value of the home, not the condition of the home and appraiser goes through it. And if there’s some obvious condition issues that they are concerned about for the lender that could come up, but they’re really not there to do an inspection of the condition they’re looking for value. So Tego, when we are selling homes, we have the opportunity in the purchase agreement to write down what inspections that the buyer might want. But our purchase agreement also has where we don’t have to write down anything unless we want the seller to pay for it. So it’s interesting because a lot of times people say, I want to make my offer stronger and not, not list that I’m going to do inspections while you don’t have to list what inspections you’re going to do. A buyer can do any inspections they want, even if it wasn’t on the, who pays for what page of the purchase agreement. Right? So let’s talk about what some of our typical inspections are.
Tego Venturi: Can I just give you one caveat that the buyer can do any inspections they want, as long as it doesn’t damage the property and they’re paying for it, right? Is it
Tracy Venturi: That’s a good caveat? Some, some things do damage, like doing a lead paint test. You just need to get permission because they do have to scrape through a few paint layers of paint to get the chemical on there, to see if there’s lead paint. So they do need to get that approval.
Tego Venturi: That’s a very obscure inspection kind of, I would say, what’s, what’s the standard, you know what we call full home inspection? What is that?
Tracy Venturi: So typically when we sell houses, most people get a full home inspection and the full home covers everything from the exterior, the grounds, how the water slopes to towards or away from the house. It covers the roof, the exterior, and then the interior and the inspectors typically start inside the front door and they go wall to wall all the way through the property, you know, and they go from room to room to room, they check electrical windows, appliances heating, cooling roof. And they, they give a full written report usually within a day. So if they something Tego, a lot of times, they might say, Hey, the roof needs to be looked at by a licensed professional. So just because you had that inspection doesn’t mean you can’t then order another inspection specific.
Tego Venturi: An example of that would be, they go, they do the home inspection and they note that the water’s running slow or draining slow or something like that. So they say, well, maybe you should get a licensed plumber or do a sewer scope, right. That’s another type of inspection where they put a camera through the sewer line to make sure that it’s clear,
Tracy Venturi: Make sure it’s not broken crushed, things like that. So the typical home inspections we see in our market full home, which is kind of everything nuts to bolts. And then there’s usually a pest inspection, which is typically termites and dry rot. Yep. Dry rod is a fungus, mostly on wood here. And then we, we usually see sewer line inspections, which is the camera’s scope you just mentioned. So those are the main three. If it’s a property that’s on well and septic, of course, the well and septic
Tego Venturi: That just, just a note on that. If it is a septic that’s required by state law, by the New Mexico state environment department, you have to inspect septic systems before you can transfer ownership.
Tracy Venturi: And if there’s a loan on it, the lender’s going to require the water test. Also, they’re going to make sure there’s no Cola former e-coli.
Tego Venturi: So one of the other ones we see Tracy is the radon test. You want to talk about that a little bit? And that’s, that’s a loaded one because I know, you know, it’s like, should I get it or should I not get it?
Tracy Venturi: So retina and testing is a machine they put in the house typically for two or three days that sniffs the air, basically in the house every hour and gives you a readout. And there’s a level that the government has said is acceptable.