What else is going on while your lender processes your loan application? One of the contingencies for following through on your accepted offer to purchase is your right to conduct investigations and review the results within a specified time frame. Several investigations are listed in Paragraph 12 of the Purchase and Sale Agreement, as well as a time frame for completion that you and your broker have indicated, so it’s important to select and schedule inspectors as soon as possible. It is your responsibility to pay each of these inspectors for their services.

The General Building inspection is the most comprehensive on the list of due diligence investigations. How do you choose a competent inspector? Your broker is a good source of suggestions, and there are other sources as well which you might want to investigate. Angie’s List, Home Advisor, Yelp, Facebook and a Google search are good places to start. Also check with friends and relatives who may have recently purchased a home for referrals. Depending on the season, building inspectors in the Greater Portland area are busy, so to be sure you stay within your time frame, start your research right away and contact your choice to get on his schedule. The inspection can take a couple of hours depending on the size of the home, and you will want to be present, but you will also receive a written report with photographs to review usually within 24 hours. Your broker will guide you through the negotiating process if any results are unsatisfactory to you.

This inspection does take a comprehensive look at the mechanical systems as well as the structural and building aspects, such as the roof, but it does not cover everything. For example, radon testing, chimney inspections, pest inspections, mold identification, etc., are not covered in the General Building inspection, but may be provided at additional cost by the building inspector. Otherwise, you can line up additional inspections for items not included.

A competent building inspection will give you confidence that the home you are buying is structurally sound and mechanically functional and will minimize any surprises once you move in. Worth a pound of cure!