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Infographic on What To Do If Your Home Fails InspectionMay 1st, 2017 by
Every home buyer hopes for a glowing home inspection report, but there’s no such thing as a flawless house. While some issues found during a home inspection are minor and not worth worrying about, structural damage and electrical problems could be deal breakers. Your money is on the line, so you get to make that decision.
If your home inspection report revealed some hiccups, keep reading for our tips on what to do next.
What To Do If Your Home Fails Inspection
A less-than-perfect home inspection report is a bummer, but it doesn’t have to signal the end of the deal. Here are the steps to take if your inspection reveals unanticipated problems.
1. Don’t Panic
Try to remember that a house can’t really fail an inspection. Deal breakers are different for every buyer. You may have some negotiating ahead of you, but most problems can be fixed.
2. Get The Facts
Read the inspection report in full, and then contact your inspector with any questions you have. Understanding the severity of any problems noted in the report is essential to deciding whether to negotiate or walk away.
3. Do Your Research
Contact the appropriate professional for an estimate on how much money a fix will require. Use this information to help you decide how to modify your offer or to budget your expenses for doing the work yourself.
4. Make A Decision
If the problems pose a health or safety risk, the seller may fix them or provide you with an allowance to have the work done. In most cases, expect to pay out of pocket for cosmetic issues. If you and the seller can’t come to an agreement, you may have to walk away from the deal.
Don’t sign that stack of mortgage papers before you know exactly what you’re buying. Get as much information as possible, and be realistic in your expectations of the seller. Whether you move forward with the deal or go back to the drawing board, make sure your dream home is safe and sound.