or other major issues found, and the entire plumbing system needs to be replaced. Or, the roof requires replacement. Or an infestation has been uncovered, and needs to be dealt with immediately. Regardless of the issue, you have a few options at this point. WHAT TO DO IN A WORST-CASE SCENARIO For example, you could ask the seller to drastically reduce the asking price if you are comfortable dealing with the issue yourself. You could also ask for the full amount that it will cost to fix the problem. Or, you could decide that it’s not worth it, and choose to walk away. A full inspection should be part of the terms and conditions in any home sale, so if a home has failed the inspection, any earnest or escrowmoney will be returned. Unfortunately, there’s no standard template, or right answer, or step-by-step instructions to follow about what to do if the “worse- case scenario” happens and there end up being major issues with the property. It all depends on the situation, and how you set up your conditions. The best potential buyer option, which is one that would likely only happen in a buyer’s market, would be having the seller assume all liability for the required repairs. However, some contracts include cost limits or split liabilities, so always be aware of what is stipulated in your contract. In the event that you opted to purchase the home “as is,” and the inspection provided to you was for informational purposes only, then unfortunately, any significant repairs will be on your shoulders, meaning you will be responsible for making sure they are done and paying for them. If you haven’t budgeted for any major home repairs, then you’ll have to dip into your savings or work with your bank or lender to plan so you can get the work done to live in your new home both comfortably and safely.
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