So, you’ve found that exceptional house that you yearn to become your dream home? Well, one thing to remember is the house will not be a home until you move in and make it your home.
When you reach this point in the home search, you’ve already prequalified in the loan process. You’ve thought carefully about this decision because it’s a lasting investment. Unlike renting a temporary place to live, you now expect to move into a house that will continue to develop equity. However, in your quest to improve your economic lifestyle and better serve your family’s housing needs, the size of this investment may make you uneasy. Perhaps, you start waking up earlier than usual (loosing sleep) and now you’re thinking… maybe something will show up in the home inspection that indicates this is not really the Lord’s will, and, we can STILL get out of this deal before we die with a nervous break down.
Please note: I have purchased a number of houses as investments, and, before each closing I GET NERVOUS! Does this mean that I shouldn’t proceed? No… however, it does suggest that buying property reflects a commitment to current and future responsibilities.
Most contracts in the state of Virginia require new homebuyers to purchase the new house “AS-IS” unless any exceptions are specifically disclosed in the contract. And, all sellers must guarantee these basic terms of the inspection process: (1) that the foundation is structurally sound, (2) that the plumbing, appliances, heating and cooling systems are all in safe working order, and, (3) that the roof is free of leaks.
The contract usually provides limits to the seller’s economic obligation to make any necessary repairs. For example, there maybe a $500 limit for problems discovered during home inspections. If the repairs exceeds that limit, the buyer must accept the need for more repairs as a new homeowner, or, walk away, and look for another property.
The home inspection is for the purpose of verifying standard, acceptable living conditions of the house for sale. If there are significant questions, the buyer and seller must work out differences. The golden rule always serves well in these negotiations.
Most home inspections will also include items that are recommended for future maintenance, care and enhancement of your new property. However, this does not mean that the seller is obligated to deliver to the perspective buyer “a new home”. Stick with the true purpose of the property’s inspection as described in the terms of the sale in your contract.
Take a good look at the house before you make the offer to purchase! Then, plan to move ahead with the deal if the inspection doesn’t reveal any major problems. Here, it’s very important that you feel that you can trust your realtor.
When new buyers call the inspection process “a nightmare”, most likely the buyer didn’t understand the purpose of the home inspection. Work with your realtor during this process and ask them questions if you are unsure about the process.
Have you had a hard time getting through a home inspection? Please submit your comments and tell me your story.
McNeil Real Estate