Anytime anyone mention the phrase “Real Estate Transaction,” the only thing that we thing about is a long and grueling journey. Because that’s exactly what it is. Or how else would you describe a process that’s literally defined by endless procedural formalities and steps?
At the very last step, we have closing. This is the step where you get to sign all the documents that need signing, before handing off the deed to the buyer who then doubles up as the new owner.
It should be a celebration, but that’s not always the case. Why, you ask? Well, there are times when sellers dupe buyers, by selling to them properties that have incomplete repairs. Just having walking into what you thought would be your dream home, only to find a faulty plumbing system. How would you feel?
And would you reach out to the seller to give them an opportunity to redeem themselves? Or would you just sue and look for a different house?
Significance of the home inspection contingency in an agreement
The whole purpose of having a home inspection contingency added to the sales agreement is to avoid such situations. You see, the seller won’t dare make such a mistake because they’ll know if they do, they’ll probably lose a lot of money fighting legal battles.
Sometimes referred to as the Due Diligence Contigency, the home inspection contingency is meant to give you (the buyer) the right to carry out inspection on the property within a specific time period. And the process is not as long and tedious as some people make it sound. If you find an experienced inspector, they’ll be able to give you a report in less than 3 hours.
Some of the areas that are normally inspected include:
• All the kitchen appliances
• HVAC system
• Electrical system
• Structure of foundation
• Exterior walls
What should you do with the inspection report?
You’ll have the following options, after the home inspection report has been handed to you:
• Assuming the defects found are too costly for your pockets, you can walk away and try your luck elsewhere.
• The other option is to ask the seller to reduce the price, so that you could use that money to fix or upgrade what need to be upgraded.
Why would a seller sell my home without repairs?
Sometime it’s not a deliberate move, as many of you would like to assume. We have sellers who find it difficult working on repairs because they simply don’t have enough money to cater to all those costs. Other do have the money, but lack the time, as they are still working on the new home that they are looking to move into.
If you’re looking for a home that’s in the best of conditions and being sold at an affordable price, get in touch with We Buy Fast Houston Houses. We’ll never dupe you into buying a home without repairs.