The home inspection... revealing the good, bad and ugly. 

Most offers include a contingency that allows them to have any types of inspections, tests and investigations done on the property they are purchasing.  There are strict guidelines and dates that must be adhered to within this contingency.  Most typical transactions will include anywhere from 5-10 business days.  In Idaho, if items are found in the inspection that are unacceptable they(buyers) must give the seller an opportunity to repair the disapproved items, the deal cannot just be canceled.  The inspection is not a time to renegotiate, and I often warn buyers not to knit pick the inspection and ask for random items to be repaired.   I have a couple of points below that will help you take advantage of the home inspection.

1.  Make sure you give yourself enough time to adequately get all of your inspections completed without being rushed or pressured.  Also, use all the time you are given and don't feel like you need to respond too early.

2.  Take into consideration the items that you can repair yourself.  Keep in mind the cost of the repairs as well as the time it will take to get them completed.  If you don't have the money or time, it may be a good idea to ask the sellers to take care of some things.

3.  Take some of the larger concerns and get a couple bids from different contractors.  Sellers typically will respond better to items that have already been looked at by a contractor who has also bid the repair.

4.  Most inspectors will do a walk-through after the inspection to point out the items that have been found.  Keep in mind, they are looking for items that need attention or are not up to our current building standards so it can be a negative experience.  The Seller is not required to bring the home up to code.  I highly recommend buyers do a walk-through with the inspector, it is an education experience that will beneficial.

5.  Here are the options that you have as a buyer after the inspection:  (a) ask the Sellers to complete some of the repairs, if they wont you can cancel the transaction; (b)  if the sellers refuse to make the repairs you may be able to get a slight price reduction; (c) take the home as is and make the repairs on your own.