If you are buying a home, the home inspection usually takes place soon after you have made an offer and the seller has accepted it, during the OPTION PERIOD. Upon having the home inspected, if deficiencies are found, you may decide to renegotiate the terms of the contract. You may request a lower price, or that the seller would arrange for repairs to be made before you are willing to pay the price already agreed upon.
It should be understood that every house has deficiencies, some major, and some minor. Your realtor is the expert in determining which deficiencies may or may not be reasonable cause for renegotiation. Consult your realty representative after receiving your home inspection report to determine your next step.
If you would like to learn more about what is included in a home inspection,