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Home Inspection Secrets

In a competitive housing market, many buyers are dropping the home inspection clause on their real estate bids. This means they’re willing to buy the house without waiting for a home inspection. Traditionally, the home inspection clause helps protect the buyer. The bid stays in play, but the buyer can back out or change the offer if the home inspection turns up a major flaw or repair. It’s a great defense against buying a money pit. In theory, dropping the home inspection clause makes for a quick sale, making the bid more attractive to the seller. But it puts the buyer at risk. Some buyers are getting creative with the home inspection clause:

  • Post-purchase home inspection. This is essentially an extensive “Honey, Do…” list. This inspection will list everything in your new house that needs work, but you’ve already bought the house and there’s no backing out.
  • Pre-purchase home inspection. Many sellers are investing in their own home inspection and offering full disclosure in the listing. The home inspector is supposed to be neutral, neither representing the interests of the buyer or seller. Technically you can trust this inspection. But you should keep a healthy level of skepticism with everything in a housing listing.
  • Pre-approved home inspection. Some buyers are paying for home inspections on properties before even putting on a bid. In this scenario, the buyer gets the home inspection and is still able to waive the clause when bidding for a property. But it could get expensive as you look at multiple properties.

Tuesday, May 22, 2012

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