A home inspection isn’t used to renegotiate the deal! Really?
As I am a subscriber to Active Rain, I get alerts every day for new topics. Today, I get an alert for this:
When selling /buying a home in Massachusetts, it is common practice and encouraged for the buyer to have a home inspection on a house once you have agree on price, terms and conditions, and have a signed offer to purchase.
Frequently the inspector will check the structure (foundation, ,roof, sills, etc), the mechanical(heating system, plumbing and electrical) and more. He/she will come up with a report which often highlights areas that have concern, and may need to be corrected. This list may be quite extensive, even for a new construction home. The list could include anything as minor as a small rip in the kitchen floor vinyl, to as extensive as a failing foundation.
The practice of home inspection was intended to let the buyer know what they were buying during the discovery period, and allow them the opportunity to continue forward to purchase, or give notice that they no longer want to buy. In most cases, it allows them to get out of the contract without bias, and allows them the return of their deposit.
However through the years, it has become common practice for the buyers to ask the seller to do repairs or give credit to the buyer at closing so they can fix the items.
What most buyers who are purchasing a home do not understand is that once you ask the seller to do something as a result of the home inspection, you are renegotiating the binding contract, and the seller could decide not to sell anymore. The request for repair, rejects the original offer, and introduces a new offer. The seller does not have to accept the new offer, and further more does not need to sell to the buyer anymore.
The point of this story? Buyers~home inspections are not for re negotiating the sale, it is to allow you to know what you are buying.
It would appear that the Realtor in this instance, has never worked in South Florida!
I disagree with her view and since I have been a home inspector for over 20 years, I may be able to shed some light on to what a home inspection really is.
A home inspection, at least a quality home inspection, should be able to tell the potential buyer many things. What types of materials were used to construct their home. What deficiencies are present. What issues may arise in the future. What it will cost to correct these issues, just to name a few. These are things that I, as a buyer would want to know. I am not concerned about “minimum” Standards of Practice, nor am I scared to do things that find problems and get answers. I certainly wouldn’t expect anything less if I were a paying client.
To illustrate what I am talking about, here is a sample from the files of Magnum Inspections: Magnum Single Family Home Inspection Report
After the inspection report is delivered, the client now should have a better understanding of what they are buying and if they are even going to buy the home at all. If there are things that they may want to have fixed, now, the Realtor should be able to present the request in a manner where the deal can be consummated. Some Realtors are under the impression that every deal must close. In some instances, it just isn’t so. And that is the Buyers right to not purchase a home. Especially if there is a stubborn Seller with a home that needs ten thousand dollars of work and the buyer doesn’t happen to have that money lying around. A little free advise to potential buyers: If you are not 100% sure about the purchase of a home, walk away! There are other homes and picking the wrong one, especially in this market, could be a mistake you will regret for years to come. Every time you write the check to the mortgage company, you will be reminded of this mistake.
I get the impression from reading the article and several of the comments, that there are quite a few Realtors that do not have their clients best interests in mind. The Realtors just seem to want to collect the check and move on to the next victim, errrr, client. It would be my opinion that a good Realtor should do everything in their power to get the best deal for the client as well as look out for their best interests.
I would suggest that anyone looking to buy a home find “Quality” individuals for each phase. That includes Realtors, Attorneys, Title Companies, Home Inspection Companies, Mortgage Brokers, etc. Do some due diligence and find out who is working for your best interest.
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