June 25, 2021 | Buying
Before you move ahead with a home purchase, you should have the house inspected. A home inspector may uncover a series of problems. Though some of them may be relatively minor and easy to fix, others may be so significant that you decide to walk away and continue your home search elsewhere.
It’s Normal for a Home Inspection Report to Contain a List of Problems
Any house, even one that’s relatively new, will have a series of things wrong with it. A home inspection report may include a list of minor problems, including cosmetic issues that are easy to correct or things that may not even matter to you. It may also point out more significant problems, which are the ones you should focus on.
It’s important to note that a home inspector usually won’t check every part of the house and look for every potential problem. For example, a home inspector may not routinely check for pest damage or mould. You may have to hire another professional to look into those types of issues.
You Get to Decide How to Respond to the Inspection Report
In most cases, a purchase agreement will contain a contingency stating that the buyer has the right to request repairs, a closing credit or choose to walk away if the inspection report reveals serious problems. If issues are fairly minor and easy to address, it may make sense to ask the seller to make repairs or to request a credit and have them fixed yourself. You shouldn’t ask the seller to make repairs or to give you a credit for small problems that will require inexpensive repairs or that are only cosmetic.
Issues That May Make You Decide to Walk Away
If the house has major issues, such as serious structural damage or problems that pose a health or safety risk, you may want to rethink your plan to buy it. A leaky roof, an outdated plumbing or electrical system, cracked in the foundation, mould, asbestos, lead paint and termites can cause widespread damage and, in some cases, serious health problems. They may also be difficult and expensive to fix.
If an inspection report states that the house you’re thinking about buying has one or more of these major forms of damage, you may be better off backing out of the deal than going through the hassle of renegotiating with the seller and having repairs made. Even if you decide to go ahead with the purchase, your lender may deny your mortgage application.
Discuss the Inspection Report with Your Agent
If you’re concerned about problems noted in the inspection report, talk to your real estate agent. Ask for advice on whether you should ask the seller to make repairs, request a repair credit or walk away and keep searching for your next home.
Michael Maxwell Homes is here to help you navigate your real estate journey every step of the way. Our expert team utilizes our many years of experience, trusted inspectors, lenders and lawyers to back up our clients and ensure confidence when purchasing their next home! Contact us today for more information on how we can help you make the next move that’s right for you.