| To avoid "buying a pig in a poke," buyers | | | | be uncovered. Should serious problems be |
| have long demanded the closing on a home | | | | discovered, however, the seller is bound to |
| purchase be contingent upon a satisfactory | | | | know the deal will be in jeopardy. For that |
| inspection by a home inspection firm. In many | | | | reason, even an "informational" home |
| parts of our country, we're now experiencing | | | | inspection won't look as good to her as a |
| a strong sellers' real estate market and | | | | contract with no requirement for a home |
| sellers often receive more than one purchase | | | | inspection. |
| offer on the same day for their home. In this | | | | |
| environment, buyers are rethinking the home | | | | Another option you might consider in lieu of |
| inspection requirement. Is this a good idea? | | | | a home inspection is a sub rosa inspection. |
| | | | Instead of using James Bond for spying, you |
| To Inspect or Not To Inspect | | | | could ask a friend working in the |
| | | | construction or engineering field to walk |
| Clearly, if a seller got two offers and one | | | | through the house with you. The goal, of |
| requires a home inspection be done, most | | | | course, is to look for any glaring "red |
| sellers will choose the non-inspection offer | | | | flags" that are deal killers. |
| with all other things being equal. So, a home | | | | |
| inspection requirement can put you at a | | | | If your friend doesn't see anything |
| competitive disadvantage. Still, are you | | | | disturbing, you can then write a clean |
| willing to risk purchasing a home that has | | | | contract offer without contingencies. Sellers |
| some fundamental, expensive problems? What if | | | | love no contingency sales. The chances are |
| you purchase the home and subsequently learn | | | | good that you'll get the home you want, but |
| plumbing under the floors must replaced? What | | | | still have a some assurance there isn't |
| if the repair costs $10,0000? | | | | anything seriously wrong with the property. |
| | | | |
| One option may be to include a provision in | | | | There is no one right answer when it comes to |
| your purchase offer that provides for a home | | | | deciding on home inspections. Each buyer has |
| inspection done for informational purposes | | | | to ask himself how much risk he is willing to |
| only. That way, settlement under your offer | | | | take. If you are the only party making an |
| is not conditioned upon the inspection. It | | | | offer, demand an inspection. If you are one |
| would not provide you with the option of | | | | of many potential buyers, well, you are going |
| amending the contract to have the seller make | | | | to have determine your comfort level. Others |
| repairs, nor would it provide a way for you | | | | can provide information, but the decision is |
| to void the contract should serious problems | | | | yours. |