You’re ready to put a large down payment on your dream home. Now it’s time for that anticipated home inspection . . . . and that’s when things start to fall apart. Your jaw just dropped after reading the report because of the “shopping list” of potentially expensive repair issues that it revealed. Now what do you do? Do you just walk away heartbroken or do you have other options? Don’t be so quick to give up just yet.
It’s not a Matter of Pass or Fail
Whenever you hear a home inspector say “the home didn’t pass the inspection”, it doesn’t mean like an exam or test in school. The home inspection report won’t have a big red “F” marked at the top of it. In reality, a home inspection is merely a snapshot of the current condition or state of the home. Furthermore, even after the inspection report is completed, the inspector cannot suggest whether you should purchase the home or not. That is ultimately your decision. You need to either negotiate with the owner or take on the cost of repairs.
What happens next?
After a home inspection has revealed a list of problems that warrant repairs, you do have a handful of options, provided the seller still legally owns the home. Here are 3 options to consider after a home inspection “goes south”:
Purchase the home “As-Is” – while this is a viable option, just keep in mind that once you’ve bought the home and signed the paperwork, you are responsible for all the issues that the home inspection report revealed. Therefore, it’s imperative that you are fully aware of what you’re getting into and understand that you have no recourse.
Renegotiate the selling price – you should never pay the asking price if the home fails to meet your expectations. Fortunately, being able to renegotiate the selling price is an option to consider. For example, if it’s going to cost you $15,000 to replace that 25-year old roof on the home, you should ask the seller to deduct at least that much off of their asking price. Just be sure you get an estimate for the scope of the job. This will help you stay within the budget.
Walk away – you can always walk away from the deal if the contract states that your offer on the home is contingent on the outcome of the inspection report. If the issues are just too costly, it’s probably best to walk away and look for another home instead.
For additional information about your options when a home inspection fails, contact Florida Inspections Unlimited at 954-861-0666. Call us now!