How Buyers Should Handle Failed Home Inspections

Home inspections are a key step in buying a home, as it gives the prospective buyer actual information on the condition of the property. A home inspector tours the property, reports the condition of the home and makes a list of recommendations on potential repairs or treatments needed. A failed home inspection can reveal problems that exist within the property, whether the seller knows about them or not. When a home inspection reveals issues that are not up to code or result in health or safety concerns for whatever reason, the prospective buyer has several options.

There are several reasons that a house might fail an inspection. Mold or radon may be detected, posing a health risk for new owners. Structural issues may cause a home to fail an inspection if there are significant defects. Faulty electric wiring, dry rot, termites or even asbestos are all legitimate reasons for a home to fail an inspection.

Sometimes an inspector will note a problem, but cannot make an accurate diagnosis when it comes to providing a solution or a cost estimate. In that event, either the buyer or the seller must contact a specialist to enter the property and evaluate the condition. The expert can also provide a cost estimate so that the buyer and seller can begin negotiations as needed.

When a failed home inspection report is sent to a prospective homeowner, there are several things to consider. The buyer should ask the seller to repair the problems listed in the report before the sale. The buyer could also ask the seller to reduce the price of the home and plan on making the corrections out of pocket.

Essentially, there is not a pass or fail when it comes to home inspections, merely a listing of what features of the home are not up to current standards. Most problems discovered in a home inspection can be fixed, although some solutions are more expensive than others. Replacing a faulty water heater is less expensive than foundation repair or redoing the entire electrical system.

If the negotiations are going nowhere, the buyer can always walk away from the home. If the seller is not going to make the changes and the corrections and the buyer finds the repairs will be time consuming, frustrating or expensive, then ceasing any further negotiations might be a good idea for the buyer. The seller may want to reconsider making the repairs before re-listing the home as few buyers will be enticed to purchase a home with such substantial repairs needed.

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New home inspection checklists are crucial for the prospective homeowner, as they ensure that the property is accurately represented and that all necessary processes and procedures have been completed. It is a process that lets new homeowners discover problems that might otherwise be missed.

What is a home inspection? Simply put, a home inspection is a visual examination, performed by a trained home inspector, of the exterior and interior structures and systems of a residential home.

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Before you finalize the sale of a home, you should hire a third party to do a home appraisal and inspection of the property. Inspections are meant to uncover any problems with the home that could affect its livability, safety or value.

Understanding a few home inspection tips can make the process easier. There is much more to your purchase than how the house looks from the outside and it takes a home inspection service to understand the complex nature of your new home's structural soundness. 

Before you purchase real estate for investment, you had better know exactly what you're buying. In other words, what's the true condition of this property that will cost you a small fortune?

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