What Every REALTOR® Wants You to Know About
Defects in a Home
Buying a home is a major step for the vast majority of people and making sure you have expert help along the way is critically important. Having a home inspection by a qualified, certified home inspector is truly a must.
When it comes to buying a home there are two types of defects that home buyers need to be aware of – patent defects and latent defects. The first defect is a patent defect: For example, you walk into a house and you notice a dripping faucet. Although no one truly wants a dripping faucet it is clearly visible to a potential buyer. The buyer came either negotiate having the faucet fixed or they can take care of it themselves once they have closed on the property.
The more serious of the two defects is a latent defect. A latent defect is a defect that is not visible to the naked eye to a normal person. For example: A crawl space under the house that has a leaking water pipe that has resulted in mold. Few potential buyers would go under the crawl space to have a look.
This is why potential buyers should always have a home inspection conducted by a qualified, certified, licensed home inspector. This does not include a relative who once worked on a construction project. This is money well spent as it can save you from buying a home with problems or at least negotiating the repairs.
The home inspector will conduct a thorough inspection of the property and provide the buyer with a detailed, written report of their findings. They will identify patent and latent defects and make recommendations on how it should be corrected. It is important to note that not all latent defects may be observable to the inspector, but they will report those items that they can.
There is one more step that should help to protect potential home buyers. Latent defects that cannot be identified by a normal person, and that the seller or real estate agent has knowledge of, must be reported to a potential buyer. Sellers who fail to report latent defects that they had knowledge of may be liable to the buyer after the closing.
If you are thinking of buying or selling, talk to a real estate professional – talk to a REALTOR® who can give you the information you need to make an informed decision.
As always, if I can help with any of your real estate needs, please feel free to text or call me at 301-712-8808 or email me at RolandLow1@gmail.com.
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