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Caveat Emptor in Real Estate is Dead

By
Real Estate Agent with RE/MAX Platinum Medford 941000194

A long time ago, back in the 80's, back when I thought a senior was someone over 55 years old..... When you bought a house, most of the time you didn't get an inspection and you bought as is. 

Thankfully, things have changed over the years and now it is standard practice to get a home inspection. Most of the time, the seller will pay for some repairs.  But there is a misconception with first time home buyers according to REBAC, that a seller will pay for or will repair all the repairs listed on the inspection report.

Although, in these times, it is very likely that home owner sellers (not banks) will pay for and/or will repair everything, it is not always true.  I find that it sellers are ok with the health and safety items, but not necessarily the upgrades.

So yes, the roof will probably get fixed, but don't expect a life-time guaranteed top of the line roof.  A seller will probably fix the one scratched area of hard wood, but not refinish all the floors.  In other words, if you are a buyer, expect the house to be in good condition when you move in, but don't expect a new house.

Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

Great post. We have to remind folks everyday they are buying a used home at a used price here in Texas. We encourage our sellers to get an inspection up front and make nesscessary repairs so the buyers inspecter has less to find. Limiting suprizes.

Thanks,T

Dec 10, 2008 03:22 AM