I think it’s safe to say the fear of a home inspection is that it will be a “bad” home inspection. This means major problem with the home will be uncovered. This will result in the buyer wanting to back out of the sale. But, when should you back out of buying a home? Does a bad home inspection automatically mean losing the home of your dreams? Of course not!
Major issues can always be repaired
If a major issue, or many issues, are uncovered during the home inspection; that doesn’t mean the deal is dead. Many, if not all, issues can be repaired. The goal should be to discuss the repairs with the seller and try to come to an agreement. In this case, both parties can benefit. The homeowner will have to address the issues either with you or before another seller makes an offer. They will want to do it with you if they can. And your real estate agent should be able to negotiate on your behalf.
You have a few options in this scenario. You can either decrease your offer on the home to make up for the repairs you will have to make. You can try to negotiate the repair fees into the price of the home. Or lastly, you can require the homeowner to pay for the repairs and have them completed before the sale of the home. Depending on what the problems are will determine which solution is best.
When to back out of a home purchase
Among your many options, backing out of the home purchase is still an option. You are under no obligation to complete the purchase of the home is something makes you feel uncomfortable. Sometimes the problems throughout the home are just too many or too big for the home buyer to want to continue.
If the seller is unwilling to negotiate, then likely you will want to cut the deal. If your real estate agent won’t help you in your negotiation, then you may want to find a new agent. The end goal should be to come to an agreement that both parties feel are fair. In fact, you may want to include a strong clause in the contract. This clause could cover the buyer by requiring the right to a professional home inspection, and if any issues are found the seller would be required to have them fixed or pay a set amount towards the repairs. Otherwise, the deposit should be returned in full. Including a clause such as this one may put your mind at ease.
Keep an open mind and don’t stress
No matter the situation, the expectation should not be that the home inspection will be “bad”. And a “bad” home inspection should not automatically kill a deal. The truth is, there could come a point where you have to make the decision to stick with it or walk away. And your real estate agent should act as a guide to help you make these decisions.
Expect to be fair as much as you want to be treated fairly. And if at any point you feel uncomfortable you should not feel obligated to do anything. The best thing you can do is attend the home inspection. Take the time to be there so you can ask the inspector any questions you have about any findings. A good home inspector will explain their findings, offer options or even recommendations, and give you as much detail as they can about your home. Your home inspector may even educate you on things you didn’t know about your home.
At Divinity Inspection Service we strive to make our home inspections both thorough and comfortable. Our goal is that you feel happy with your home purchase. But we also want you to be educated about your purchase. Schedule your home inspection right here on our website.