Such re-negotiations may result in repairs assumed by the owner, a reduced selling price, or, where serious defects are discovered, revocation of the offer by the purchaser.

More and more, buyers are having home inspections performed prior to purchasing a property. Buyers frequently seek that realistic, third-party, professional assessment to confirm that their choice is sound, or shed light on what future repairs may be needed. While inspectors do not recommend whether a buyer should or shouldn't purchase, their findings carry considerable influence.

Historically, inspections have been performed at the request of the homebuyer. But consider the plight of the seller. He (or she), too, has a lot riding on the transaction.

A sale that falls through can be disastrous for the seller, too! He may have purchased a new home, contingent upon the sale of the existing property. Without funds from the present sale, the new purchase would likely not go through. No one wins when a transaction doesn't go forward.

A home inspection report with negative findings may surprise the sellers as much as the buyer. The seller may genuinely believe the property to be in good shape. Unknown conditions, however - termites, for example - could alter that assessment.