Raymond Kerege - How To Find The Home Of Your Dreams

Another mistake that buyers make is leaving without checking the utilities. They might be turned off, but you should ask for them to be turned back on to make sure there are no leaks, and that everything is connected correctly. All house inspection conditions apply to new homes, as well. Newly built houses can also have issues. Buying a house will likely be the biggest purchase in your life, and this isn’t the time to gamble with such a large amount of money at stake. When buying a home, get an inspection prior to signing. WHAT TO DO AFTER THE INSPECTION After receiving an inspection report, there are two possible outcomes about how the situation may develop. In the best-case scenario, everything is fine, the house is in exemplary condition, and no further work is required. You’re good to go with other paperwork. A more usual scenario is that the house requires minor repairs. This may involve negotiations that the repair be done and inspected before moving along, or some price concession to account for your expense to make repairs. The worst-case scenario is that the house needs major investment not contemplated in the offer; for example, the roof has exceeded its useful life and is in immediate need of replacement, or the sub-structure leaks and can’t be inexpensively remediated. You might ask the seller to vastly reconsider the sale price, ask for the full amount to fix the problem(s), or walk away. A full inspection should be part of the conditions/ contingencies in a home sale, thus failing the inspection, any earnest or escrow money will be returned. Regretfully, there’s no standard template and step-by-step guidance about what to do if there are issues with the house. It depends on how you crafted your conditions. The best buyer option (and probably would only happen in a buyer’s market) is where the seller is liable for all the repairs. Some contracts may include cost limits or split liabilities. In case you buy the house “as is” and your inspection was only for informational purposes, sadly, you will now have to calculate the repair costs and plan how you fix your new home.


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