Email Post to a Friend: Home Buyers: Take These Steps After a Less-Than-Stellar Inspection

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April
29

Home Inspection Report-Margaret Rudd & Associates

Our REALTORS® can't stress enough how important a home inspection is before buying. An inspection can save you a lot of money and some major headaches. But what happens next, especially if the home inspection turned up some serious issues?

The most important thing is not to panic. Home inspection issues might make you think twice about a house, but they shouldn't be an automatic deal breaker. When you get less-than-stellar home inspection results, here's what you need to know about how to proceed. 

Common Inspection Issues

We see a lot of the same inspection issues pop up again and again. If you're looking at Southport homes for sale, keep an eye out for some of these issues and necessary repairs on the inspection report: 

  • Roof damage, from minor leaks and missing shingles to full replacement
  • Electrical problems, including frayed wires, and wiring not being up to code
  • Plumbing issues, like leaking pipes and failing water heaters
  • Termite damage
  • Mold issues
  • Presence of asbestos or lead paint
  • Foundation issues, such as cracking or sinking

Have a Contingency Plan

As a buyer, it's important that you have an understanding of contingencies before signing any contracts. Contingencies essentially lay out how you and the buyer may proceed if certain circumstances arise. Some of the most common are inspection contingencies, which give the buyer the ability to negotiate repairs or cancel the sale based on the results of a home inspection. 

Be sure to talk with your REALTOR® about contingency options as you are getting ready to buy a house. You want your rights as a buyer to be clearly laid out, especially when it comes to inspections. Having this in place before you have an inspection carried out will allow you to be in control of the situation. Your contingency should include the following: 

  • The scope of the inspection you can perform
  • Types of communication required from the inspector
  • The time frame for the home inspection
  • Consequences that can or will occur based on the results of the inspection
  • Specific time frame for inspection and any necessary repairs

Planning Your Next Move

If the results of your home inspection come back with some serious problems, don't react too quickly. Hopefully, you have contingencies in place that allow you to walk away if you so choose, but that isn't always the best option. Weigh all the information to decide if you want to move forward with the sale, insist upon repairs, renegotiate the sale price, or simply back out. 

  • First, mentally assess how much work you are willing to invest in your new home, including both the cost and inconvenience of repairs.
  • Contact several contractors (at least three) to get bids for any repairs that might be needed. This is for your own information, as well as to lend weight to your renegotiation with the seller. 
  • Approach the seller through your REALTOR® to renegotiate. Start with a request for them to pay a closing-cost credit toward post-closing repairs. If they decline, request that they complete some repairs. As a last-ditch effort, ask them to reduce the price. 
  • Once your renegotiation with the seller is done, assess your satisfaction with the condition of the property and the results of the renegotiation, and decide whether or not to move forward with the deal.

Contact us today to learn more about getting a home inspection, and what to do next if the inspection reveals potential problems. We pride ourselves of helping our clients every step of the way on the road to home ownership.