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Moneypit? How do I know the home I'm buying is in good condition?
uyers purchasing a home have the right to an inspection period, negotiated with the initial offer to purchase.  The purchase contract typically has an inspection contingency, in Missouri that’s usually 10-14 days after the accepted offer.  During this time, buyers can purchase inspections and use the report provided to negotiate repairs or adjustments to the purchase price.  That is done formally in a document called an Inspection Notification.  Typically, the seller has 10 days after receipt to come to agreement with the buyer, and/or either party can choose to leave the contract.  Both parties have the right to negotiate and your realtor (whether you are the buyer or seller) should take the lead in making that happen. 
What happens when there is a serious issue uncovered?  One should never expect that every little detail will be perfect.  However, if there are serious issues like a leaking roof, stopped up sewer system or broken HVAC these are items your realtor will help a buyer to negotiate.  Typically, buyers ask for a repair, or a reduction of sales price, and sometimes for a credit at closing to cover for the repairs. 
If buyer and seller are unable to come to agreement and/or one party chooses to end the contract ... more

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