One of the most exciting times in a homebuyer’s life is the phone call from your real estate agent telling you that your offer has been accepted on the home of your dreams. Although it seems like the hardest part of the home buying process is over once you are under contract, in reality you have a long way to go before you sign your name on the dotted lines (and there are plenty of dotted lines to sign).
The first- and biggest- major event once you go under contract is scheduling the inspection. Finding a reputable and qualified home inspector is an ordeal all by itself, let alone finding out all the problems that lurk ahead. Some of the things that come up in an inspection could rate anywhere from minor maintenance repairs to huge problems that could potentially cost you thousands of dollars, like a busted sewer line.
Knowing the severity of what comes out in the inspection could be a make-it-or-break-it type of event. How would you like to purchase a house without getting an inspection done only to find out that termites have utterly destroyed the internal framework? What if you had known about the termite damage before purchasing the home? Would you still have purchased it?
Most people would say, absolutely not! Major issues in an inspection- such as foundation problems, roots blocking the sewer line, asbestos, or electrical issues can all be very costly to fix and unless you get your concerns resolved in writing, you can bet your bottom dollar that you’ll be responsible for the bill should you decide to continue with the purchase.
If you discover that you or the sellers aren’t willing to fix major problems with the house, know when to walk away after a bad inspection. It will save you a lot of money and headaches in the future and after all, there are plenty of houses without major issues that need a good owner.