Whether you’re buying a new home nothing’s more important than making sure it’s in good shape. What happens if your inspection goes badly?
When putting together an offer on a house, we generally include a Condition of Home Inspection. This gives you a chance to bring in a home inspector to thoroughly look at the property before the actual deal is finalized.
It’s like putting a “hold” on an item while you do your homework to decide if you really want to buy it. They are experts with specialized equipment to find potential problems in houses, so you can make an informed decision on your purchase.
Home inspection costs can vary between inspectors depending on their qualifications, experience and equipment. But generally speaking, you can expect to pay around $400-600 dollars.
They should inspect the foundation, mechanical items (furnace, A/C etc.), plumbing, electrical, attic, roof and anything else that causes concern. You will have the opportunity to be on-site during the inspection so that he/she can show you any issues they’ve uncovered.
Most inspectors will also give you a written report with recommended repairs and timelines at the conclusion of their visit.
What to do when a home inspection goes badly
Remember: NO home is perfect. Repairs can range from an easy paint job on an storm door, to a larger concern such as a crack in the foundation. As Realtors, we always get the same question from our buyers:“What are our options if something comes back wrong with the home inspection?” Only you can decide how many repairs you’re willing to deal with.
But here are some options to think about…
1. Ask for money off the purchase price
-You can ask to take money off the price you offered in order to fix the problem yourself after moving in. This way, you do the repair yourself so you’ll be confident it was done to your specifications.
2. Ask sellers to fix the problems
-Buyers sometimes would rather have the issue fixed before closing rather then having to deal with it themselves. You can always ask the sellers to do so.
3. Walk away from the deal altogether
-If you decide it’s just too much to take on, then you have the option of walking away from the deal completely.
4. Accept the inspection
-There may be a few issues but you decide they’re not enough to make any changes to the agreement.
Once you have decided what the best option is for you, you will then have your Realtor write up either an Amendment or Fulfillment.
An Amendment says that you want to make changes to the offer because of what was discovered during your home inspection.
A Fulfillment says that you accept the home inspection and now that condition on your agreement has been fulfilled.
It sounds complicated but it’s really not when you have a Realtor working with you! We’re here to guide you along the way and ensure you make the best decisions.