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Buying_a_Home_--_Is_a_Home_Inspection_a_Good_Idea_

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									Title:
Buying a Home -- Is a Home Inspection a Good Idea?

Word Count:
445

Summary:
To avoid “buying a pig in a poke,” buyers have long demanded the closing
on a home purchase be contingent upon a satisfactory inspection by a home
inspection firm. In many parts of our country, we’re now experiencing a
strong sellers’ real estate market and sellers often receive more than
one purchase offer on the same day for their home. In this environment,
buyers are rethinking the home inspection requirement. Is this a good
idea?


Keywords:
Buying a Home, Home Inspection


Article Body:
To avoid “buying a pig in a poke,” buyers have long demanded the closing
on a home purchase be contingent upon a satisfactory inspection by a home
inspection firm. In many parts of our country, we’re now experiencing a
strong sellers’ real estate market and sellers often receive more than
one purchase offer on the same day for their home. In this environment,
buyers are rethinking the home inspection requirement. Is this a good
idea?

To Inspect or Not To Inspect

Clearly, if a seller got two offers and one requires a home inspection be
done, most sellers will choose the non-inspection offer with all other
things being equal. So, a home inspection requirement can put you at a
competitive disadvantage. Still, are you willing to risk purchasing a
home that has some fundamental, expensive problems? What if you purchase
the home and subsequently learn plumbing under the floors must replaced?
What if the repair costs $10,0000?

One option may be to include a provision in your purchase offer that
provides for a home inspection done for informational purposes only. That
way, settlement under your offer is not conditioned upon the inspection.
It would not provide you with the option of amending the contract to have
the seller make repairs, nor would it provide a way for you to void the
contract should serious problems be uncovered. Should serious problems be
discovered, however, the seller is bound to know the deal will be in
jeopardy. For that reason, even an “informational” home inspection won’t
look as good to her as a contract with no requirement for a home
inspection.

Another option you might consider in lieu of a home inspection is a sub
rosa inspection. Instead of using James Bond for spying, you could ask a
friend working in the construction or engineering field to walk through
the house with you. The goal, of course, is to look for any glaring “red
flags” that are deal killers.

If your friend doesn’t see anything disturbing, you can then write a
clean contract offer without contingencies. Sellers love no contingency
sales. The chances are good that you’ll get the home you want, but still
have a some assurance there isn’t anything seriously wrong with the
property.

There is no one right answer when it comes to deciding on home
inspections. Each buyer has to ask himself how much risk he is willing to
take. If you are the only party making an offer, demand an inspection. If
you are one of many potential buyers, well, you are going to have
determine your comfort level. Others can provide information, but the
decision is yours.

								
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