Bad Inspection? What do you do?
Part of the process of buying a home is having a thorough
inspection done by a licensed professional. If you don't,
be prepared for extra expenses.
You should even have one done prior to buying a new home,
just because everything is new, doesn't mean you won't have
problems.
So what happens is you get your inspection report back
and it's so overwhelming that you don't know what to do?
First of all there is always something and many things that
look horrible on the report but are simply some handyman
issues - like a lot of tightening and caulking. The five biggest
things that might prevent you buying a home are:
- Foundation
- Roof
- HVAC - AC & Heating
- Termites
- Windows
These are the most expensive issues - you definitely want
to go back to the seller for credits or repairs to be made.
What a Realtor or agent should do is coordinate estimates
on repairs and submit to the sellers with an amendment to
the contract so you know what your costs are up front.
This is a very important step - don't guess estimates.
That way you can decide whether you want to buy the
house during your option period, which is the time line you
have agreed upon with the seller, the fee is usually a $100.
or so and well worth the risk if the home turns out to have
more repairs than you bargained for and especially if the
seller will not do them. Next home please....
Make sure you opt in for the option fee on your contract.
That's your out clause, even if you wake up the next day
and say "I don't want to buy it" because of a bad inspection
or feel buyer's remorse (which is normal) - you can walk away
from the contract.
