When you have found a home that checks all the right boxes on your home wish list and have submitted an offer to purchase it, you will need to take some next steps to ensure your home comes to you as expected and you uncover any problems and issues. The way to do this evaluation is with a professional inspection service that will go through the home thoroughly to look for and uncover any issues in the home. Here are some recommendations to help you during an upcoming home inspection for a home purchase transaction.
Include a Contract Contingency Clause
Anytime you make an offer to purchase a home, there should be some contingencies included in the contract to protect you as the buyer. One of the most common and valuable contingencies is to provide you a period of time in which you can hire a professional inspection on the home. And if any problems arise from the results of the inspection, you can get your earnest money back and walk away from the contract if you choose to.
The home inspection should be completed before your contract deadline inspection, which is usually a week or two into the initial contract start date. This is so you can check for any system or component problems in the home before you get too far into the mortgage approval and the home purchase. At the beginning of the process, you will want to have a trained professional inspect the home furnace, electrical, plumbing, roof, insulation, and foundation, for example.
Then, if you find issues in any areas of the home, you can consider renegotiating with the home seller. You can ask them to make the repairs before you close, give you a credit back on the home's purchase, or you can walk away from the contract. Usually, the seller will be willing to make repairs or credit you the cost to keep the home sale contract intact.
Don't Expect a Perfect Inspection
It is also a good idea to be prepared when you go into a home purchase and not expect the home to be perfect. The home may be exactly what you want and look like it is in good condition, but you may not know what the inspector may find underlying the surface of the home's appearance.
For example, just because a home's exterior looks attractive with its siding exterior and straight sloping roof, there may be termite damage behind the siding in the walls or in the roof joists. The inspector may also find that the roof's gutters are not installed right and it may cause drainage problems and basement flooding. These are examples where you could request the seller to repair or a credit back to you at closing for you to make the repairs.