Sometimes a home falls out of contract. Most buyers assume that it is related to abad home inspection, but there are many reasons for a home to come back onthe market that are unrelated to the condition of the home. During thecontingency period, most buyers can cancel for almost any reason – or even noreason.
Of course, the listing agent and seller are motivated to get the home back undercontract as quickly as possible and may offer the previous buyer’s homeinspection report to the new buyer. Some may even ask that the new buyerremove their right to a home inspection, based on the one they offer.
If you have been offered the previous buyer’s inspection report, you’re probablywondering if you should accept it and remove that contingency. In a fast-movingseller’s market, it might be tempting, but before you accept the report, there area few considerations:
• Before accepting the inspection, do your research. Who did the inspection?Is it a reputable, licensed home inspector? Check public review sites forcomments and customer satisfaction. Check their license with the issuingboard and see if they have had any violations or suspensions.
• Once you verify the company, give them a call. Make sure they haveperformed a comprehensive inspection. Many companies offer both acomprehensive and a simpler, cheaper, visual inspection.
• Finally, read the report carefully. If there are issues discovered, ask forclarification and consider paying for the inspector to meet you at the hometo discuss the report in person with you.
Accepting the home inspection might seem like a good idea – both to make your offer more appealing to the seller and to save a few dollars – but before your move the home inspection contingency, do your homework. Make sure you understand the real condition of the property before you buy it.
Author:Tatiana Mello Phone: 956-242-5130 Dated: November 19th 2020 Views: 32 About Tatiana: ...
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