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 Most home purchase contracts
include an option period or inspection contingency. This permits buyers to
have a property inspected within a
stated time frame following contract acceptance. Buyers may be able to withdraw from the
contract without penalty if defects are discovered. Most buyers, though, will attempt to
negotiate a remedy with the sellers before walking away.
For example, suppose you have entered into an agreement to buy a home, and your inspection reveals a roof leak which has caused water damage to some structural attic framing components. At the purchase price you've agreed to, you are not willing to pay for the necessary repairs, but you still want to buy the home. What Can You Do?One option would be to ask the sellers to make repairs as a condition of the sale. In this way the cost is simply included in the price of the home. Additionally, you won't be living in the home while the work is being done, scheduling tradesmen and staying ahead of the construction cleanups. If you take this approach, be sure the sellers use licensed contractors and that any required permits are in order. Also, get written guarantees for work performed and always check the work before closing. Remember, though, that having the sellers arrange repairs keeps you, the buyer, from supervising the work. There are two common ways to negotiate repairs in which the sellers would not have to arrange the work. One is to lower the purchase price by an amount equal to repair estimates. If this is done, remember that you must come up with the cash to make the repairs. The other way is to ask the sellers to credit you with a dollar amount equal to the repair estimates from their sale proceeds. In this way, you will have the cash for the repairs after closing. Licensing Inspectors The licensing and regulation of real estate inspectors is a fast growing trend. Texas was first to do so, and now recognizes three classifications; Apprentice Inspector, Real Estate Inspector, and Professional Real Estate Inspector. The qualifying standards are rigid, and thorough examinations are required before any license is issued. Periodic license renewals are predicated upon completion of continuing education courses. Home inspection has become an integral part of residential transactions in other states as well, and there is some pressure by consumer groups and trade organizations to put common licensing standards in place all over the country. The widespread adoption of common standards of practice is far from complete, and rules vary somewhat in those states now regulating the profession. Contact your state's Real Estate Commission for details. If there are no home inspection licensing regulations where you live, you may want to write to your state's real estate regulatory body to voice your encouragement. In any case, know your inspector's education, experience, and reputation. Prompt, Clear Sensible Property Condition Reports. Every Day. Call:
Houston Home Inspections,
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