When the market was busting and the Calgary real estate prices were rising quickly in a sellers market a home inspection schedule was added to the offer to purchase in hopes to better secure a buyer into the transaction. A little one-sided the home inspection schedule was in the best interest of the sellers than in the interest of the buyers and really did not allow the buyer to do their proper due-diligence when having a home inspection condition. The home inspection schedule gave the parties of the contract 3 options to agree on as part of the home inspection.
1. The buyer would have to be satisfied with the home inspection 2. Home inspection defects revealed could not exceed 1% of purchase price 3. Home inspection defeats revealed could not exceed a pre-determined amount agreed to by both the buyer and seller.
The defects of the home of course would not include any items deemed cosmetic and be limited to structural mechanical or electrical issues in order for the buyer to be in a position to break the contract. Not many sellers would allow for option 1 to be accepted so that left the buyer with less options. The schedule also indicated that the buyer would have to hire a professional home inspection company, which some buyers do not want to hire a professional if they happened to have a qualified family member or friend. The sellers should not have the power to dictate who the buyer can and should use for their inspection.
Now that our market has changed its course again and now favours buyers, the rules have reverted back to the way we did things pre 2005. Offers are now conditional to the buyers satisfaction of a home inspection. Definately safer for buyers but is it the best decision?
What I am now seeing is that the buyers are more picky when it comes to fixes on homes. Indeed an older home will have some maintenance and issues and a typical inspection should not reveal a significant amount of work or likely pricey needs to be renegotiated after the inspection if the repairs are numerous and pricey. But what I am seeing is small things that are coming to the forefront of the equation and buyers are demanding minor fixes to be taken care of in order to remove their conditions. In my opinion if you are gonna buy a house, be prepared from some minor fixes, you will have to do them yourself as you maintain your house over the years, it is expected.