For Your Protection: Get an Inspection!
If you’re a first time home buyer and you’re writing up an offer, one thing I always advise my clients to do is uphold their right to get a home inspection done on the property between the time the offer is accepted and closing. Most sellers in today’s market won’t reject your request (partially because the buyer pays for the inspection) and a $300-400 inspection fee will be well worth the price if the inspector finds any issues that may cost thousands to fix or repair.
In your typical Purchase Offer, you can check a box that states: “This Purchase Agreement [] is [] is not subject to an Inspection Contingency Addendum.”
I always suggest getting an inspection, if nothing else it gives the buyer a tour of all the little things that currently are, or could become, problems in your new home. Plus, many wives and girlfriends love having their husband’s “To Do List” already filled out before they move in. That way their men can get to work sooner on all the little projects around the house.
I’m being facetious, of course, but in truth the inspection can alert you to small issues that many untrained eyes may not be able to spot—even your Real Estate Agent. Plus, if anything comes up in the inspection that you think may be a deal breaker, then you should be able to walk away from the deal and retain your earnest money check.
The only downside that could result in having an inspection contingency in your offer is if another offer is presented to the seller, and it does not include an inspection contingency. Sellers will usually take the other offer even if it is lower than yours, simply because the number of “bails outs” for the buyer is lower.
Moral of the story (especially for first time home buyers): Get an inspection, and write the contingency up in the offer.
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