In this case, you’ll need to get an inspection, then make your offer. They don’t want to be tied up in a contract with a buyer that may not follow through. More recently, the trend has been sellers demanding that buyers have an inspection done before going to contract. Or they may offer a $1,000 concession to help with those costs. If there are $3,000 of repairs to be made in this scenario, you may have just 7 to 10 days to find an inspector, arrange the inspection, get the report back, review it, and have your Realtor renegotiate to deal with this overage. This can be either a dollar amount or a percentage of the purchase price.įor example you may specify you will buy the property as-is, providing the needed repairs found in the inspection do not exceed $2,000 or 2% of the purchase price.
You may also have a repair limit on the contract. If you are buying a home ‘as-is’, with no repair contingencies (which is most common today), you should still have the right to inspect the property.
Your purchase and sales contract will specifically detail how many days you have to inspect the property. Traditionally, a home buyer will order and pay for a professional home inspection right after they sign a real estate contract agreeing to the terms with the seller. Or it may be in a lot better condition than you thought. Without an inspection, you have no idea if this house is going to be livable, a giant money pit, or downright dangerous.
If you’ll be financing this home purchase with a mortgage loan, your lender will want to be protected with an appraisal, title search, insurances, and a mandatory professional home inspection. The Need for a Home Inspection When Buying a Home
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