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Buying a Home -- Is a Home Inspection a Good Idea?
To avoid "buying a pig in a poke," buyers have long demanded the closing on a home purchase be contingent upon a satisfactory inspection by a home inspection firm. In many parts of our country, we're now experiencing a strong sellers' real estate market and sellers often receive more than one purchase offer on the same day for their home. In this environment, buyers are rethinking the home inspection requirement. Is this a good idea? To Inspect or Not To Inspect Clearly, if a seller got two offers and one requires a home inspection be done, most sellers will choose the non-inspection offer with all other things being equal. So, a home inspection requirement can put you at a competitive disadvantage. Still, are you willing to risk purchasing a home that has some fundamental, expensive problems? What if you purchase the home and subsequently learn plumbing under the floors must replaced? What if the repair costs $10,0000? One option may be to include a provision in your purchase offer that provides for a home inspection done for informational purposes only. That way, settlement under your offer is not conditioned upon the inspection. It would not provide you with the option of amending the contract to have the seller make repairs, nor would it provide a way for you to void the contract should serious problems be uncovered. Should serious problems be discovered, however, the seller is bound to know the deal will be in jeopardy. For that reason, even an "informational" home inspection won't look as good to her as a contract with no requirement for a home inspection. Another option you might consider in lieu of a home inspection is a sub rosa inspection. Instead of using James Bond for spying, you could ask a friend working in the construction or engineering field to walk through the house with you. The goal, of course, is to look for any glaring "red flags" that are deal killers. If your friend doesn't see anything disturbing, you can then write a clean contract offer without contingencies. Sellers love no contingency sales. The chances are good that you'll get the home you want, but still have a some assurance there isn't anything seriously wrong with the property. There is no one right answer when it comes to deciding on home inspections. Each buyer has to ask himself how much risk he is willing to take. If you are the only party making an offer, demand an inspection. If you are one of many potential buyers, well, you are going to have determine your comfort level. Others can provide information, but the decision is yours. Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
MORE RESOURCES: Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Bring Chicago Home: What voters need to know referendum Chicago Tribune Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Kairoi Residential envisions major mixed-use hub on 115 acres in East Austin - Austin Business Journal The Business Journals Inside Mark Wahlberg's $100m Sydney mansion - realestate.com.au realestate.com.au Five Ways Buying and Selling a House Could Change The New York Times Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Va. real estate industry weighs in on $418M Realtors settlement Virginia Business Magazine Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 Real estate commission change shakes industry's foundation University of Miami: News@theU Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper The Realtors' Big Defeat The New York Times Once+a+male-dominated+industry%2C+more+women+are+entering+the+commercial+real+estate+field Idaho Business Review The Best Places to Retire in Florida Real Estate New rules on real estate commissions could change the housing market game LehighValleyNews.com A luxury agent on how the NAR settlement will change his business The Washington Post Commercial Real Estate Roundup for March 15, 2024 Idaho Business Review Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times Settlement will affect Iowa homebuyers KCCI Des Moines Real Estate Roundup: 240-acre farm near Orlean sells for $1.9M and more Fauquier transactions Fauquier Now H2 2023 Global Real Estate Report PitchBook News & Analysis REAL ESTATE | Kewaskum Police station moves to temporary location | By Chief Tom Bishop washingtoncountyinsider.com Austin real estate: Holt Lunsford plans first area project The Business Journals National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Is real estate the best investment in 2024? Racine County Eye Realtor group will pay $418M to settle commission lawsuits The Associated Press Changes could be coming to fees related to home buying process Fox 46 Charlotte Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline Realtors settlement to lower home sale costs, alter commission structure - The Washington Post The Washington Post Checking In on Dallas Real Estate The Dallas Express Real Estate Settlement Could Affect Housing Market erienewsnow.com Real estate lawsuit settlement will affect Orlando agents - Orlando Business Journal The Business Journals Major Changes to Real Estate Business erienewsnow.com What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter A commission settlement may affect housing market 9News.com KUSA Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution |
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