Did you know that the average cost of a home inspection in the US is just over $250? Unfortunately, when you’re buying a house, this isn’t the only expense that can cause stress and leave you out of pocket.
You see, knowing exactly what you’re going to have to spend depends a lot on your home inspection contingency. If you’re confused, no worries. Here’s our guide to what a home inspection contingency is and how it works.
Keep on reading to find out!
Understand Your Rights
A home inspection contingency is a critical clause in a real estate agreement that gives you the right to conduct your own home inspection or hire a professional to do so.
With this clause in place, you can back out of the agreement if the home fails to meet agreed-upon standards or if serious issues are discovered during the inspection.
Depending on your state, you may have other rights that you can legally invoke if issues are discovered.
As a buyer, you should also understand what your rights are regarding home inspection contingencies and make sure to include them in any real estate agreement should you choose to buy a home.
Consider Negotiations 101
Negotiations 101 is an important step in the home inspection contingency process. After an inspector has reviewed the home, buyers should use their findings as a bargaining chip to renegotiate repair costs with the seller.
This is a time to explore other options, such as a credit from the seller or a discounted price on the home. Good negotiation skills can save buyers a significant amount of money.
Knowing when and how to negotiate can ultimately result in a better deal for both parties.
Know Your Checklist
To get the most out of a home inspection contingency, it’s important to develop a checklist. This checklist should focus on major systems such as plumbing, electrical, and HVAC.
The checklist should also focus on any known issues with the property, such as pest infestations, water damage, or roofing problems.
A home inspection contingency should also include a clause that requires the seller to pay for any repairs needed as a result of the inspection.
Knowing your checklist will help ensure that any potential issues are addressed before you move forward with your purchase.
Making the Right Decision
Making the right decision when purchasing a home is key. Consulting with a professional home inspector is a great way to ensure a buyer is making a wise decision.
Familiarizing oneself with the terms, limitations, and rights in the condition of the purchase agreement is important for any buyer.
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A Guide to the Home Inspection Contingency
Overall, the home inspection contingency is beneficial to both the homebuyer and seller during a real estate transaction. Buyers can rest easy knowing they can back out of the deal if they find a major problem during the inspection.
Additionally, sellers can have peace of mind knowing their purchaser is more likely to follow through with the sale. We hope you have enjoyed this guide to the home inspection contingency.
So don’t wait any longer. Start shopping for your next home today!
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