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Buying a Home in Las Vegas If the Inspection Goes South

By
Real Estate Agent with Realty One Group DRE #63927

You’re nearing your goal of buying a home in Las Vegas! You have zeroed in on a property, submitted your offer, and heeded your agent’s advice and ordered a home inspection.  

Soooo…what if the inspector finds major issues nobody expected? While most home inspections only uncover small problems that can be fixed easily, some do turn up serious issues. In 2013, 16% of Realtors® reported sales that went off track due to the inspector’s findings. What’s your best course of action if that happens?

Buying a home after major problems have been identified should only proceed after you know how much time and money it will take to solve them. Whether you are dealing with foundation, roofing, electrical, HVAC or plumbing issues, call a few Las Vegas companies that specialize in dealing with structural home repairs, and gather some free quotes. Depending on what you hear, you can then decide to move to modifying your offer or you can walk away and look for another home.

Your agent will be able to assist you in modifying the original offer to the seller. If the issues are truly major and expensive, you may need to negotiate back and forth with the seller to see what they are willing to do. Be prepared to make some concessions, and don’t get frustrated with the process. It may take some time to come to an agreement that satisfies both parties.

As everywhere, buying a home in Las Vegas is peculiarly both a heavy-duty financial decision as well as one fraught with emotion. People can find themselves tempted to ignore thorny issues simply because they have fallen in love with the home. But since you could end up spending tens of thousands of dollars on repairs, it’s vital to isolate your emotions from the decision.

If the bids you’ve received are astronomical, it could be time to find a better house. But you needn’t despair. This is all part of the process of buying a Las Vegas home—and a big part of why I’m here to help my clients.  If you’re buying a home this winter, I’ll look for your call!

 

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.TheMayolRealtyGroup.com

www.YourVegasHomesValue.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Show All Comments Sort:
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

The home buyer inspection contingency is one of the most valuable features of contracts today.

With major structural issues, sellers may want to make repairs before listing.

Jan 24, 2014 07:47 PM
Marcelo V. Mayol
Realty One Group - Las Vegas, NV
The Mayol Realty Group

@Lenn Harley So very true except in the case of a Short Sale.

Jan 25, 2014 07:40 AM