Albuquerque Real Estate | Venturi Realty Group

The Home Inspection Process in New Mexico: A Guide for Home Buyers

Purchasing a home is one of the most significant investments you’ll ever make. Understanding the home inspection process is crucial to ensure you make an informed decision. The home inspection process in New Mexico is detailed in Paragraph 21 of your Purchase Agreement, which outlines your rights and responsibilities. Here’s a guide to help you navigate this process smoothly.

Why Get a Home Inspection?

A home inspection helps uncover hidden defects or issues that may not be immediately visible. These inspections typically cover major systems and structures such as the roof, HVAC, plumbing, electrical systems, and foundation. According to Porch, 86% of home buyers find defects through inspections, which can save thousands in unexpected repairs.

The Inspection Process

1. Review Paragraph 21 of the Purchase Agreement

This section outlines your rights and responsibilities regarding inspections. It’s essential to understand your duties as a buyer, including conducting due diligence and thoroughly reviewing inspection reports provided by professionals.

2. Buyer Duties and Rights

  • Due Diligence: Ensure you confirm all material facts relevant to the purchase.
  • Property Condition: Investigate the physical condition of the property through your own observations and professional inspections.
  • Legal and Practical Implications: Understand the legal, practical, and technical aspects of all disclosed or discovered facts about the property.
  • Review Reports: Thoroughly review all written reports from inspections and discuss findings with the professionals who conducted them.

3. Right to Conduct Inspections

You are encouraged to complete any inspections, including full home, electrical, plumbing, structural, and environmental inspections. Use the Venturi Realty Group Property Inspection Information, Options, and Order Form to select and order the inspections you need. This form helps ensure you cover all bases and understand the potential costs involved.

4. Conducting the Inspections

Hire licensed professionals to carry out the inspections. In New Mexico, home inspectors who conduct a “Full Home Inspection” must be licensed by the New Mexico Regulation and Licensing Department. They will perform a thorough examination of the property’s major components and systems based on the guidelines outlined in the NM Home Inspector Licencing Act Standards of Practice. Consider additional inspections for specific concerns, such as mold, radon, in-floor HVAC Ducts, or sewer lines. These can provide deeper insight into potential issues that a general inspection might not cover.

5. Receive and Review Inspection Reports

After the inspections, you’ll receive detailed reports outlining the condition of each inspected area. These reports will highlight any defects or areas of concern.

6. Make Objections or Terminate by Objection Deadline

If the inspection reports reveal significant issues, you can raise objections with the seller or terminate the agreement. This may involve requesting repairs, negotiating a price reduction or credit, or even deciding to walk away from the deal. IF THE INSPECTION OBJECTION DEADLINE IS MISSED, THE BUYER(S) WAVE THEIR RIGHT TO MAKE OBJECTIONS.

7. Negotiate with the Seller

Your Broker will help facilitate the objections with the seller. Depending on the results, the seller may agree to some or all of the objection requests, offer a price reduction, or provide other concessions.

8. Reach Resolution or Terminate Agreement

Ideally, you and the seller will reach an agreement on how to handle issues, if any, and the sale proceeds. If not, you can terminate the purchase agreement based on the inspection findings before making objections.

Conclusion

A thorough home inspection is a vital part of the home-buying process in New Mexico. It helps you understand the property’s condition, potentially saving you from costly repairs down the line. By being proactive and informed, you can ensure that your investment is sound and that your new home is a safe and secure place to live.

Venturi Realty Group Property Inspection Information, Options, and Order Form has additional links to resources and information on inspection options.

And… of course, contact your Realtor for help and questions.