Homeowners often get seller’s remorse. Source: (Kaboompics.com / Pexels) Use a home inspection contingency to protect yourself. The purpose of a home inspection is to find significant defects that would cause a buyer not to want to move forward with the transaction or, at the very least, have these items repaired. Many lenders won't offer financing on a home without an inspection. The sellers are on their way out. Approximately 1 in 20 contracts are canceled, and the leading cause is the home inspection. For example a single electrical outlet is bad or even a door squeaks, the buyer can cancel the deal and get their earnest money back as spelled out in the contract. Issues typically arise after the home inspection, and those issues tend to result in another round of negotiations for credits or fixes. Ask for a credit for the work to be done. The home inspection is one of those necessary evils that can make or break a home sale. The home inspection reveals flaws in the home that could be considered a safety hazard, a … While fees can vary depending on a home’s location, size and age, a home inspection costs an average of $300 to $450, according to Angie’s List. Where to find a qualified home inspector During the inspection period the buyer can cancel the purchase for pretty much any reason. A home inspection contingency allows buyers to learn about major and minor issues with a home before purchasing it. 1. A Buyer who is under the pretense that a home inspection is to create a long punch list that the seller will remedy sets themselves up for a contentious sale. It can be an expensive affliction. You can back out of a home sale if you decide you don't want to sell, but it could be expensive. Here are three buyer tips for negotiating repairs after a home inspection.
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