What Happens if There is a Problem with the House I Bought AFTER Settlement?
As a Buyer's Agent I always insist that a home inspection be done and include a home warranty to my buyers as my gift to them.
As Chris states in this blog, the buyers are given every opportunity to throughly inspect the home before they purchase.
What Happens if There is a Problem with the House I Bought AFTER Settlement?
The amount of misinformation in the world of real estate, passed from friend to friend, or relative to relative is astonishing. I was out with a buyer that had just found a great home. The home inspection is coming up and this buyer, a first time buyer, is nervous about what happens if something goes wrong AFTER settlement, that the home inspector didn't catch. Wisely, he put a good amount of energy finding a well qualified home inspector. Not so wise, he started conferring with acquaintances about what might happen if the inspector didn't catch an issue, or something broke down after he bought the home.
In yet another chronicle of MY FRIEND TOLD ME...this buyer came to me to find out exactly how much money from the sale the bank would set aside from his explanation of the process, I think he meant the seller's bank) to repair issues AFTER settlement. Apparently, his friend said what was typical in Virginia was 10%-20% of the sale price.
WHERE DO PEOPLE COME UP WITH THIS STUFF?
When you buy a home, you buy a home. You deliver your funds at settlement and sign the necessary documentation and the hosue is yours. There is no return line, or fixing issues that crop up on the seller's dime AFTER settlement. As a buyer, you are given every opportunity to inspect for issues, so hiring a well qualified home inspector is critical to the process.
Another area where a buyer can protect themselves is by purchasing a home warranty. In the event something does go wrong, it's nice to have a warranty in place to keep repair costs down and have the piece of mind that comes with that coverage.
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header is a combination of photos from the Bristow, Gainesville & Haymarket areas, taken by Chris Ann Cleland.
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