Buy a House Fast

If you were buying a used car, you might take it to your mechanic for an inspection.  If it came back with a a recommendation that you buy new brakes, you could live with that. I f it came back with a report of impending transmission problems, you might pay the mechanic and run like the wind away from the deal.

When you buy a house, you should perform similar due diligence and order a home inspection.  Though laws in most states favor buyers when you find a major defect in your new house, it is time consuming and inconvenient to pursue actions with sellers after you have moved into your new home.  Assuming the problem is not major enough to void the contract, you may be stuck with a home with a flaw you would not have accepted had you only known it existed.  A simple way to prevent most dilemmas like this is to request a house inspection as a contingency of your offer.  This may seem like a no-brainer for distressed properties, but it makes good sense with any home.

What’s Covered

The inspection should cover what can be seen in major systems from roof to foundation.  Separate inspections may be necessary for termites, septic systems, or other specialized things like spas or pools.  It is not designed to critique aesthetics or lifestyle.

Ideally, when the inspection takes place, you should be there, but the seller should not.  The seller needs to provide access to all parts of the home and have the utilities on. The process might take several hours. If you are unable to be there for the whole inspection, try to come at the end so the inspector can walk you through the house and explain his findings before preparing his report.

What If…

When the inspector discloses his findings, you may have some decisions to make.  How serious are the flaws he found? How much will it cost to fix them?  What is the priority to fix them?   If the problems are serious enough, you might not want to complete your purchase.

Depending on the findings, your real estate agent may be able to use them to help you negotiate on price.  If the seller already mentioned a problem before the inspection and set the price based on that, it is unlikely he will further drop the price based on that.   If the flaw is a minor one or one that a sequence of previous owners have lived with, the seller may give a little to sell the house in this buyer’s market, but your agent can guide you as to what is reasonable to expect.

Prevent Problems

Though laws in most states favor buyers when you find a major defect in your new house, it is time consuming and inconvenient to pursue actions with sellers after you have moved into your new home.  Assuming the problem is not major enough to void the contract, you may be stuck with a home with a flaw you would not have accepted had you only known it existed.  A simple way to prevent most dilemmas like this is to request a house inspection as a contingency of your offer.