Posted in Marketing and Strategy Terms, Total Reads: 811
Definition: Buying By Inspection
Buying by inspection means that the purchase decision is made after close examination of the actual product to confirm that it meets the standards of the contract. Inspection is done to find out any hidden flaws in the product before purchase. It checks if the product is in good condition, and if it conforms to the requirements specified by the contract.
House on sale is generally dressed up to highlight its best features and hide its flaws. Therefore many buyers before investing their money demand an independent home inspection. Sometimes sellers themselves arrange for inspectors to check the house for the purpose of sale to gain buyers confidence.