Regardless of whether you purchase a brand new home from a builder, a re-sale home from a traditional seller, a short sale or a bank-owned property (a foreclosure), one of the most important steps in the buying process is to have the property inspected by a certified, licensed and insured Home/Building Inspector.
While you may elect to hire a licensed roofer, plumber, electrician and HVAC contractor to individually inspect these four main components (considered a Four Point Inspection), there are many certified Home/Building Inspectors who can & do provide a comprehensive inspection of the property by evaluating the below componets & more:
- Roof
- Plumbing
- Electrical
- HVAC (Air & Heat)
- Water Intrusion
- Pool Equipment
- Operational status of the appliances
- Structural issues
- Cosmetic issues
Many properties that are being marketed as short sales or foreclosures are being sold "as-is" with a "right to inspect," which typically means that a Buyer is assuming all of the risk when purchasing the property and that the Seller is not willing to make any repairs or give financial concessions for such repairs...which is all the more reason why a Buyer should know what "issues" the house has and how much money will be needed to correct those "issues."
More importantly, many lenders will not loan money on a property with wood rot or termites, roof leaks, active water intrusion, faulty plumbing or electrical wiring, structural issues, etc. because those properties are considered higher risk (especially if the Buyer is purchasing via a FHA or VA loan program).
With that being said, Buyers should make sure that their Contract for Sale and Purchase includes an "Inspection Contingency"which allows for them to have a specific amount of time to conduct any inspection they want, to secure estimates for any repair that might be needed and to withdraw from the Contract if they are not satisfied with the inspection results or the costs associated rectifying those repairs.
If you are a Buyer who wants to purchase a home in Seminole or Orange County, Florida and would like more information on how a "Inspection Contingency" can protect you, call/text me at (321) 377-0157 or email me at LaShawn@LaShawnNorden.com
LaShawn Norden, PA, REALTOR, Advocate for Buyers & Sellers in Orange & Seminole County, (321) 377-0157, RE/MAX Central Realty, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com
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Inspections are absolutely vital even on "as is" sales. I always write for buyer information only on those types of listings but I insist that the buyers have the opportunity to take a professional closer look at things if they choose to. Some don't and I insist they acknowledge my recommendation so that I can CMA. Good post LaShawn