Will Your Home Cost More Than the Buying Price?

Published by julia | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate, Shout Outs, Uncategorized

Buying a home involves more than making an offer and the owner accepting that offer. Many homes have underlying problems that could drain the wallet and bank account in no time at all. The home inspector is supposed to find any problems with the home and report the potential costs of repairs to the home buyer. If you feel the home inspection did not uncover the truth about the home, a second opinion can be requested.

The second home inspection will most often need to be paid for by the potential home buyer. This home inspection should be completed by a third party that has no affiliation with the real estate agent or the lender. In this way, the home inspection will in no way be connected with the sale of the home.

Once the second home inspection is complete, the potential home buyer will be able to compare the two reports. They should be relatively the same as home inspectors are supposed to follow the same tours through a home no matter who hired them. If the two reports conflict and your inspection revealed costly repairs that were missed on the first inspection, the report should be made available to the real estate agent, lender and the home owner.

If repairs are needed in the home, the potential buyer can make one of two choices. The first is to accept the repair costs on the home and take the home “as is”. The second is to ask for the repairs to be made to the home or the price to be adjusted based upon the cost of the repairs to be made. If the home is in need of major repairs, the lender may not agree to use the home as collateral for the loan until the repairs are made. After the repairs are made, the home inspector will need to walk through the home again to make sure all repairs were made correctly.

The home inspection is often the last step in buying a home. Both the home owners and home buyers sit on the edge of their seats awaiting the results of the inspection. It is important for the buyer to note that even new homes will often have troubles listed on the home inspection that need to be corrected. These are older minor changes that need to be made on a home, but a perfectly clean home inspection during a sale is very rare.

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