A home inspection these days is fast turning into a contingency backup plan for the buyer. So much so, that most of the financial companies no longer provide home purchase loans, if the purchase contract does not include a home inspection clause. Moreover, even Realtors have started to include the home inspection clause, in their ads as a new marketing gimmick, by which they can attract prospective buyers for new properties. The home inspection is here to stay and it has become part and parcel of any real estate purchase. Here’s why you need to include one in yours right away.
- It’s binding: Granted that you are all set to buy that dream property right away. But you have nothing to base your opinion on other than the realtor’s spiel, and most properties cost a bundle. It’s more of a long-term investment which is why you need to take extra measures to protect the same such as including it in the purchase contract. A home inspection in Montgomery county allows for such clauses to be included in the contract. And once it is signed and ratified, it’s binding and the seller would have to provide permission for an independent home inspection, one which can thoroughly inspect the property in question.
- Negotiate: When it comes to a home inspection you are bound to find that most buyers have this tendency to utilize the home inspection tool as a negotiating ploy, to further push the rates down. And the whole gambit is based on the fact that the home inspection would have found something wrong with the property and are now open to utilizing it as a means to negotiate further.
- Waiving the contingency: While it is a good idea to use the contingency clause as a negotiating ploy, you may want to waive this under certain conditions. For example, you may find that the property is indeed attractive and one that you would like to purchase at any cost. And under these conditions, you may want to waive the contingency clause, provided the seller takes care of all the important pending issues on the property.
- The time frame: You can stipulate the specified time frame in the contingency clause, by when the seller is mandated and required to carry out the repairs on the property. It should be pointed out that you need to allow for a reasonable amount of time for the seller to carry out the required repairs, and to allow the inspection to proceed as scheduled. You may not want to end up providing the seller with too much time, as that could also indicate to the seller that you are not being serious about the purchase. You want to close the deal in the least amount of time possible while at the same time, ensuring that the seller has the required time in which he can carry out the stipulated repairs on the property.
These points should make it abundantly clear as to why you need to make the home inspection as part of the purchase contract right away. And it is certainly one that can help protect and save your investment as well.
