Satisfactory Home Inspection Contingency

By
Real Estate Broker/Owner with Weaver Realtors B55786000

General catch all contingencies like "purchase subject to a satisfactory home inspection" are really poor ways to help the buyers or sellers in a transaction. A buyer can walk for anything noted on the inspection. I believe ALL buyers should have a home inspection, but how do you word that contingency so that it is fair to both parties? 

Posted by

Georgia A. Weaver, GREEN, CNE, CRS, GRI, 
Broker Owner and Iowa Certified General Contractor

Weaver LLC Realtors
"A Promise Made is a Promise Kept"

607 Lake Avenue
Lake Avenue
Storm Lake, IA 50588
Office 712-213-4663 (HOME)
Direct 712-291-0118

www.WeaverRealtors.com

BUY - SELL - INVEST
Visit our Design Center

 

Comments (2)

Larry Riggs
Century 21 Redwood - Frederick, MD
GRI, SRS Your Frederick County Specialist

Fortunately in our area we have a very comprehensive inspection addendum. That way all parties know exactly what the situation is. There is a provision to allow the buyer to cancel the contract for any reason but it requires that both parties agree to that provision.

Mar 07, 2014 11:50 AM
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Georgia, our contingency regarding a home inspection is in our standard purchase offer contract. The buyer has 10 days to inspect the property and report to the seller anything they disapprove on the Residential Buyer's Inspection Notice and Seller's Response (BINSR). At that point, the seller can agree to fix, offer a lower sales price, do nothing, or any combination thereof.

Apr 15, 2014 05:24 AM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?