Failed Home Inspection? Here’s What You Should Do!
Home inspections are necessary when both buying or selling a home. These inspections help you decide whether the home is worth the price you’re planning to purchase for, or if you need to prepare for a fix prior to closing. A proper home inspection will give you a large examination of the condition of the house as well as the condition of aspects of the house that are typical to fail. The last thing you want to hear after a home inspection, whether you’re buying or selling, is “there are some major problems with this house.” However, this home inspection can save you from headaches and spending THOUSANDS of dollars.
Failed Home Inspection For The Buyer
Typically, when buying a home, there is a contingency in your purchase contract requiring a home inspection. Oftentimes this is mandated by the loan officer. If your home inspection comes back with bad results, you have a couple of choices.
- Negotiate The Purchase Price
Speak with the seller. They may be willing to reduce the cost of the home to cover the repairs - Request The Seller To Make The Repairs Before Closing
To save yourself time & stress, you can request that the homeowner performs all repairs prior to closing by a reputable contractor - Terminate Your Contract
It is suprisingly easy to terminate a contract following a home inspection with negative results. Especially when those faults were not made apparent in the original contract. - Speak With Your Realtor
Your realtor will have the best advice for you on how to move forward with the sale. Whether you want to terminate the contract or request that the repairs be made, your realtor is the one to help you through that process!
Failed Home Inspection For The Seller
When selling a home, you hold responsibility for declaring any major issues and making sure that the buyer is fully aware of the condition of the home. This doesn’t mean that every home must be in perfect condition, but the contract has to be clear on what problems are present.
- Invest In Repairs PRIOR To Selling
Some repairs may actually have a positive return on investment when selling. It is easier to get the full asking price when a home is in immaculate condition than it is to sell with repairs needed. - Be Transparent With Your Buyer!
If there are any issues with the home you are selling that you do not wish to fix prior to selling, or do not have time to fix, let your buyer know. They will more than likely be willing to work with you to ensure that both the buyer and seller are happy with the deal!
Hiring an experienced and knowledgeable New Jersey home inspector is a very important part of the buying and selling process. Neither a buyer nor a seller wants to be caught off guard which is why many times a seller will conduct a pre-listing home inspection to avoid a surprise. In this instance, a seller can be made aware of costly repairs that will need to be made. In this case, a seller might have the repairs completed. If he doesn’t then he will have to reveal the necessary repairs and sell a home as-is. The important thing to remember is that a home seller must reveal any known issues with a home.
Every Real Estate Contract Should Include A Home Inspection Contingency
Every contract to purchase a home should include an inspection contingency. This contingency protects a buyer from walking into a money pit. When the home inspector conducts the inspection, a checklist will be delivered to the buyer detailing any current and potential issues they may face. It is critical to note that just about every inspection will reveal issues. Even new homes have problems. Not all issues are big, however.
When an NJ home inspection delivers bad results, the buyer has a choice. He can try to negotiate further with the seller. Often a seller will have the repairs made prior to closing or take the money for the repairs off the negotiated price for the home. In the case where the seller refuses to make repairs, the buyer may walk away from the deal. The home inspection contingency protects the buyer and offers him a way out of the home purchase in the event of an undeclared issue
Your Home Inspector, LLC is New Jersey’s #1 Home Inspector!
Contact our team at Your Home Inspector LLC today to learn more about our Mahwah NJ home inspection company. We welcome the opportunity to explain the home inspection process while sharing a copy of our checklist. Let our knowledge and experience serve as your guide to the home inspection process, answering all of your questions including what to do if you get bad NJ home inspection results.