The Home Inspection
One of the conditions of a home sale is the home inspection. If you are financing a home it is a requirement (along with an appraisal and perhaps some additional hoops to jump through). Even with a cash offer like ours, unless you're VERY comfortable with assuming all the risk on the knowledge of yourself or a buddy, you're wise to have one done. This gives you the opportunity to get a more detailed "snapshot" of the condition of the house in a time frame that allows you to request repairs/a discount or to walk away from the deal based on the findings. We've been involved with home inspections from both sides: as a buyer and a seller. We take the view that the home inspection is the chance to see if there are any conditions present that would affect our ability to occupy the property: mold, structural, electrical, plumbing, roof, etc. We're looking for items that are safety-related. Some people look at this as a way to get the small items fixed that norm...