The immediate impact will be a reduction in the home inspector population… yes, fewer home inspectors!
Every July new laws go into effect in Virginia, and this year the real estate business will feel the impact immediately.
After July 1, inspectors will need a valid home inspection license to get paid. Those who are still in business may charge more and possibly stop working seven days a week.
Here’s my prediction… those still in business will charge more and stop working 24/7.
So, if you are planning to buy a home, research home inspectors early on as part of your strategy. Have at least two vetted candidates in the wings may be smart since each inspector creates unique final reports.
In recent articles that I have written about inspecting new homes, I will revise them to include a paragraph on the New Residential Structure (NRS) designation. NRS is required if this transaction is truly a new, new home (not a remodel job).
Why is this so important in Virginia?
Home inspections can be a critical part of the home buying process. Really a make or break test for a home buyer.
Virginia has slowly added a voluntary accreditation process.
I always like to point out to clients that Virginia is a buyer beware state, caveat emptor!
Yes, we have the Buyer to Beware Statement in Virginia meaning it’s the buyer’s responsibility to consult with professionals.
Home inspection contingency tips
A good offer can become less desirable when they buyer includes a home inspection contingency period longer than ten days. Especially in a seller’s market, like the current Vienna real estate market, when there are two or more buyers in line for any home priced under a million.
Understanding how the paragraph is written is important too because, during the inspection period, a buyer can hire any professional to examine the property. For example a structural engineer, chimney inspector, plumber, and electrician.
Especially with an older home that has been remodeled, looking at everything is essential.
The NVAR home inspection contingency gives you two options at the end of the period.
- void the contract
- submit an addendum for negotiation
You can discuss these options with your real estate agent since each situation is unique. Remember, Virginia real estate law places the responsibility of the home buyer to be satisfied with what he or she is buying.
After July 1, 2017, make sure your Virginia home inspector has the proper state license.