Although the seller has already accepted your offer and you’ve already signed a purchase agreement, the deal isn’t signed, sealed and delivered just yet. After the purchase agreement for the Jacksonville Beach home has been signed, but before you head to closing, you will need to get a home inspection done on the house.

Although most of the things found through home inspections are easily remedied, there are a few things that may be deal breakers for most buyers. Catastrophic problems with a home are rare, but when they are there, they can sour even the best real estate deal. They may include: environmental hazards, such as radon, water contamination, asbestos and lead paint; insect infestation, like termites or carpenter ants; horizontal foundation cracks (a sign of major house settlement or inadequate foundation); and an outdated or unsafe electrical system.

The question most buyers must ask themselves is: If the home inspection comes back with major problems, do we stick it out and find a solution or walk away?

Dealing with Catastrophic Home Problems

The answer to this question usually lies with how much hassle you want to take on, and how willing the sellers are to remedy the problem and provide you with adequate compensation to fix what’s wrong.

A proper purchase agreement will include language that allows you, the buyer, to back away if the home inspection reveals problems that you don’t want to deal with. Once the home inspection has been completed, you or your agent will likely present the buyers or buyer’s agent with the home inspection report and the negotiations will ensue.

How to Remedy Home Inspection Problems

If repairs on the home are needed, and the sellers are willing to provide compensation to deal with them, they will likely do one of the following: perform the home repairs themselves; provide you with cash at closing to cover the repairs; or lower the sales price of the home to reflect the repairs that must be made. What you choose to accept from the sellers is up to you. If the repairs are extensive, however, the lender may need to see evidence that they have been corrected or repaired before closing.

It is important to understand that a home inspection costs only a few hundred dollars, but it may save you thousands of dollars in home repairs in the long run.

Posted by Carey Frankel on

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