So you are looking at a house and decide to get a home inspection. You hire your inspector and what he has to say isn't exactly what you were hoping to hear. So what happens when your home inspection goes bad and what should your next move be?
Let's be realistic and accept that no home is perfect. Unless you are building a brand new home from the literal ground up, every home you look at will come with at least a few imperfections. Concessions will need to be made and you have to do your best to balance your own expectations and the reality of the situations.
First off, what will you inspector look for ? Take a look at the image at the bottom for a good overview of what they'll be looking for. Now, what if the worst outcome comes to fruition ? What should you do if your inspection comes back and you found more that you bargained for and turned up more than you wanted?
Well, if your offer is subject to an inspection then you do have some options available to you. What you ultimately decide to do will depend on a few different factors you consider. You have to look at your motivation as well as the seller's motivation. You also have to take a long look at the current market conditions and understand the market you are buying in. That is where having an agent can be so useful, they can help you navigate and understand the market and your options and help you arrive at your final decision.
Option 1 is to remove the subject anyways. While the inspection may not have gone as you wanted or expected, you can always choose to move forward with your purchase anyways. Remember the three considerations above. Maybe you are getting such a good deal and price for the home that it wouldn't make sense to walk away and you can deal with the state of the home and work on whatever issues the inspection turns up. Another factor is the market, maybe the current state of the market in the area is simply too hot and you can't or don't want to risk losing the home to someone else.
Option 2 you have is to renegotiate your offer. Don't forget, your initial deal for the home was based and negotiated upon what you knew of the property at the time. Now you have had the inspection and you now have far more information. It is far that you are no longer willing to pay the same amount considering the new info. Here is the tricky part, this option requires the agreement of the seller and they may or may not be open to such. The old saying you'll never know if you don't ask. It's at least worth a shot to ask about this option before you walk away from a home that you wanted enough to offer on.
Option 3 is the penultimate option, you just walk away from the deal all together. If your accepted offer has the "subject to inspection" clause in it then you have every right to walk away from the deal. Disclaimer, be sure you check in with your lawyer first to make sure you are in the right and have this option available to you. Walking away makes the most sense in a situation where the seller is unwilling to renegotiate the deal. This could also be a great tool for yourself if you feel that the risk of purchasing the home based upon the results of the inspection is not worth it for you.
Again, every home inspection is going to come back with a few issues, but remember that even if the results feel overwhelming or too much that you have options at your disposal. Be sure that you walk through the report carefully with your professional inspector and consult with your real estate agent to understand your options. You have professionals at your disposal, use them to your advantage, that is what you have hired them for.
Here at Jump Realty, we strive to ensure that every single client feel comfortable at every stage of the home buying or selling process. You'll never experience any pressure in circumstances like these. We lay out your options and then help you decide what is the best path to take for YOU because at the end of the day, we're here to serve you, our clients and that is something we hold in the highest regard.
If you are looking for a home inspector in Windsor & Essex County please reach out to us and we will pass along some local home inspector recomendations to you.
