During the seller's market that ended in the fall of 2005, low interest rates and extraordinarily high demand allowed almost all houses locally to be sold “As Is,” regardless of condition. In today's “normal” market, this is changing. With less competition, buyers, in most cases, expect the seller to be responsible for expensive problems by either adjusting the price accordingly or assisting with repairs.

In the above example, the buyer who does not investigate the implications of further inspections could be writing a “blank check” if there is considerable additional work. Similarly, if inspections reveal suspected inadequacies with the foundation or drainage, you, as a buyer or seller, should ask your agent to follow up with a structural engineer.

Commonly, I learn of situations where the buyer does not take responsibility for finding out, in detail, what he is buying. A familiar scenario is one in which the seller gives the buyer reports disclosing problems and bids for foundation and drainage work. The buyer then relies on those inspections rather than verifying scope and cost by getting his own. Regardless of which reports the seller provides, you, as a buyer, will be making a wise investment by getting your own general home inspection.

The most conscientious listing agents advise their seller to have a termite inspection as well as a general home inspection before the home is priced and marketed. Buyers need to carefully read and understand all reports and disclosures presented by the seller.

Unless the seller has had comprehensive inspections before marketing, he can be blindsided by high repair estimates from the buyer for items the seller did not know existed. This can lead to failed escrows and, ultimately, a lower selling price. The seller mistake of not getting pre-sale inspections will be magnified as the current market progresses.