Today is Friday. I call it WHY DAY. The benefit of asking why is because it enhances curiosity. Buyers need to ask why especially during the Option Period when making an offer on a property for sale. The way to get answers is to hire a Home Inspector. Waiving the option period can lead to further problems down the road.
Others did it, why shouldn't I? During the hot Seller's Market and bidding wars many buyer's did whatever they could to buy property. Some gave up their rights to the Option Period. Once the contract is executed, and the buyer asked for an Option Period, the buyer has a right to purchase property but isn't under any obligation because of buyer rights.
Read the contract. Know your rights when it comes to the Option Period. For a fee, the buyer pays for consideration and hires a Home Inspector to see what goes beyond the buyer's eyeballs and hear what others tell you. The Home Inspector is paid and works for the Buyer as an independent third party. Based on the findings during the Option Period by the Home Inspector, buyers can ask why and ask for repairs or for whatever rights they have based on the state laws in real estate.
Potential mistakes are made when the buyer skips the Option Period. When a buyer opts to have a Home Inspection, the buyer can walk for any reason during the number of days agreed upon for the Option Period and the earnest money is returned to the buyer. If the buyer terminates during the Option Period, the buyer does not get their money back for the cost of the Home Inspection; however, in the big scheme of things, it is a small amount to pay. Skipping the Option Period or asking the why before a buyer makes an offer and goes under contract can lead to big mistakes. What doesn't get you now, can get you later.
The power of WHY can lead to answers. Things to take into consideration when buying a home that was previously purchased during the years of COVID with no home inspection can arouse specific curiosity for today's buyers.
What happened in previous years?
- People lost jobs.
- There was more likely use of electricity, water, plumbing, appliances, etc.
- Chain issues led to shortages.
- New Construction was delayed due to supply chain issues.
- Costs rose; inventory shrank.
- Buyer may have paid more than the asking price without a Home Inspection.
- Less qualified people were available to make competent repairs.
- People may have had less money to spend due to Covid and illness.
Today is Friday - Call it Why Day. Why not? There is more power in asking why than not being curious enough to ask. The Home Inspector uncovers missing information that may lead to necessary repairs for health and safety. The most important question to ask today is WHY?
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