WORST-CASE SCENARIO
In this case, the inspection report revealed that the home needs major repairs or issues dealt with before it can be sold. For example, perhaps the plumbing is outdated, with leaky pipes or other major issues found, and the entire plumbing system needs to be replaced.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 escrow money 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
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