After driving around and checking out various houses, and the selecting the house that you like the most, you can have your buyer’s agent put in an offer. In your offer to the seller, it is highly recommended that you put in a home inspection contingency.
You may be thinking, “Oh, I’m already putting up so much money to buy this house, why should I pay more money for this inspection. I can see for myself what the house needs and the seller has also told me the repairs it needs. I would rather save that money.”
A licensed home inspector can assist you in identifying potential problems that you may overlook with the house you wish to buy. Your home inspector may be able to tell you that your desired house will need a new roof in a few years. Or that your water heater or A/C needs to be replaced or they may uncover evidence of water damage or mold. If these problems are mentioned in your home inspection report, the inspection contingency that you put in your offer gives you an opportunity to negotiate with the Seller. The seller may agree to make the repairs or they may give you a reduction in the price of the house. In other words, the inspection contingency gives you the time and opportunity to verify the condition of the house before you sign a Purchase and Sales Agreement and are required to put substantial down payment money on the line. The inspection contingency is a standard part of typical Offers to Purchase real estate in Massachusetts. If your home inspection uncovers major problems in the house, the inspection contingency gives you the right to back out and get back your offer deposit. So don’t skip the home inspection just to save a few bucks. When you waive the inspection contingency you are agreeing to accept the property in “as is” condition. You agree to own whatever problems come with the property. With OwnerFinance, we work as your buyer agent to guide you through the homebuying process from start to finish for houses in the MA and RI. As your buyer agent, we would most definitely include a home inspection contingency in the purchase offer on the house of your choice. It is for your own safety and peace of mind.
A good home inspector would examine various home components and then produce a report covering their findings. The typical inspection lasts two to three hours, and you should be present for the inspection to get a firsthand explanation of the inspector’s findings and, if necessary, ask questions. Also, any problems the inspector uncovers will make more sense if you see them in person instead of relying solely on the snapshot photos in the report.
The home inspector should note:
Whether each problem is a safety issue, major defect, or minor defect
Which items need replacement and which should be repaired or serviced
Items that are suitable for now but that should be closely monitored
Among the things the home inspection should cover are exterior walls, foundation, garage, roof, plumbing, electrical, heating, ventilation and air conditioning (HVAC), water heater, kitchen appliances, laundry room, bathrooms and fire safety.
Shahclan Boston – OwnerFinance
Boston, MA -USA