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. Some examples of the most common problems that should be considered are roof repair or replacement, pipe repair or replacement, fixing any leaks, and upgrading the electrical wiring for older homes, sometimes for homes 30+ years old, but definitely for homes that are older than 50 years.
CAN INSPECTIONS AFFECT HOME VALUES?
HOME INSPECTIONS VS. HOME APPRAISALS
The short answer is yes, they can, and sometimes they do — but don’t bet on it or expect it. It’s not a good strategy to think of the home inspection period as another chance to revisit pricing and head back to the negotiation table. It’s not often that the house inspection greatly affects the sale price. This piece has usually already been negotiated prior to the inspection, and the inspection
124
Powered by FlippingBook