Buying A Home Is A Home Inspection A Good Idea

Buying A Home Is A Home Inspection A Good Idea

Buying a​ Home -- is​ a​ Home Inspection a​ Good Idea?
To avoid buying a​ pig in​ a​ poke, buyers have long demanded the closing on a​ home purchase be contingent upon a​ satisfactory inspection by a​ home inspection firm .​
In many parts of​ our country, we’re now experiencing a​ strong sellers’ real estate market and sellers often receive more than one purchase offer on the same day for their home .​
In this environment, buyers are rethinking the home inspection requirement .​
is​ this a​ good idea?
To Inspect or​ Not To Inspect
Clearly, if​ a​ seller got two offers and one requires a​ home inspection be done, most sellers will choose the non-inspection offer with all other things being equal .​
So, a​ home inspection requirement can put you at​ a​ competitive disadvantage .​
Still, are you willing to​ risk purchasing a​ home that has some fundamental, expensive problems? What if​ you purchase the home and subsequently learn plumbing under the floors must replaced? What if​ the repair costs $10,0000?
One option may be to​ include a​ provision in​ your purchase offer that provides for a​ home inspection done for informational purposes only .​
That way, settlement under your offer is​ not conditioned upon the inspection .​
It would not provide you with the option of​ amending the contract to​ have the seller make repairs, nor would it​ provide a​ way for you to​ void the contract should serious problems be uncovered .​
Should serious problems be discovered, however, the seller is​ bound to​ know the deal will be in​ jeopardy .​
For that reason, even an​ informational home inspection won’t look as​ good to​ her as​ a​ contract with no requirement for a​ home inspection.
Another option you might consider in​ lieu of​ a​ home inspection is​ a​ sub rosa inspection .​
Instead of​ using James Bond for spying, you could ask a​ friend working in​ the construction or​ engineering field to​ walk through the house with you .​
The goal, of​ course, is​ to​ look for any glaring red flags that are deal killers.
If your friend doesn’t see anything disturbing, you can then write a​ clean contract offer without contingencies .​
Sellers love no contingency sales .​
The chances are good that you’ll get the home you want, but still have a​ some assurance there isn’t anything seriously wrong with the property.
There is​ no one right answer when it​ comes to​ deciding on home inspections .​
Each buyer has to​ ask himself how much risk he is​ willing to​ take .​
If you are the only party making an​ offer, demand an​ inspection .​
If you are one of​ many potential buyers, well, you are going to​ have determine your comfort level .​
Others can provide information, but the decision is​ yours.

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