How To Use A Home Inspection Contingency For Protection When Buying A House

Posted on: 20 November 2020

If you are ready to start viewing real estate for sale to find a home to buy, you may want to begin by contacting a real estate agent. A real estate agent can locate properties for you to view, and the agent can also do many other things. One thing the agent might discuss with you is the subject of a home inspection. You can and should get a home inspection when buying a house, and here are some tips to help you use a home inspection contingency for protection.

Understand What a Contingency Is

Before you can use a home inspection contingency in your purchase offer, you may need to learn what this means. A contingency is a condition that you request when purchasing a home. You include it in the purchase offer as a request, and you specifically state what it means. When you include a home inspection contingency, you are telling the seller that you plan on getting a home inspection on the house before closing. If this inspection reveals undisclosed issues, you have the right to walk away from the deal without losing your deposit. If the seller agrees to your purchase offer, they are agreeing to this condition.

Learn Why You Need an Inspection

Getting a home inspection is a routine part of buying a house. Many lenders require this step before issuing loans, and most real estate agents recommend it to buyers. When you get a home inspection, you receive a report from an inspector that tells you everything about the home's condition. You learn if the home is sound and safe, and you learn the home's defects and issues. The purpose of it is to make sure you know what type of home you are buying.

Use the Inspection to Negotiate

If you learn that the home does not have any major flaws, you will be required to carry on with the purchase. If it has flaws and issues, you can use them to negotiate for a lower price. If the issues are serious, you can even choose to void the deal completely.

Getting a home inspection is a standard step in the home-buying process. If you want to protect yourself when purchasing real estate, make sure you include a home inspection contingency. It gives you protection and information during the home-buying process. To learn more about real estate for sale, talk to a local real estate agent.


Saving Money On Real Estate

After I got promoted at work, I realized that there were a few things I wanted to do with all of the extra money. One of the biggest goals that I had was investing in local real estate, because I wanted to experience what it would be like to own multiple properties. It was really overwhelming at first to put in the offers, but after awhile I got really good at saving money on real estate and seeing the rewards. This blog is all about knowing which properties to invest in and focusing more carefully on the art of getting a great deal.