You find what you think is a wonderful house for sale in the location you want at your price range. It’s a miracle! Right? In making a successful bid for it, you now must decide whether to make the sale contingent upon the home inspection.
While you might be tempted to buy the house without an inspection to sweeten your bid or save money, our real estate legal team says do not do it. Getting your potential new home inspected is a vital part of the buying process. You’ll want to make sure there’s nothing wrong with the house that could result in you paying thousands of dollars in repair or replacement costs.
Real Estate attorney David Hannum explains how a home inspection could save you lots of cash in the long run.
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Buying or selling a home can be a long and sometimes arduous process, especially if you’re a first-time homebuyer. Wherever you live, hiring a Real Estate Attorney and working with the right team of professionals can improve your home buying or selling process.
Take a look at what we had to say:
Why You Should Get a Home Inspection
The home inspection. It’s a big part of the real estate process. The point of a home inspection is to show you all those potential repairs that might not be revealed on the seller’s disclosure form. Namely, all the things that are open and obvious with respect to a home as opposed to those problems like faulty wiring, that you may not see.
Obvious vs Hidden Repairs
In the state of Colorado, sellers aren’t required to disclose issues that are patent, as opposed to latent. And that’s just a fancy way of referring to those repairs that are open and obvious.
For example, if there’s a big hole in the front door of a property, that would not show up on a seller’s disclosure form. Why? Well, that’s something that’s open and obvious, and they’re not required to disclose it.
So you need a home inspector to go through and check all those things that aren’t so plain the see. This is especially important if you’re buying property from out-of-town and can’t review the property yourself.
Hidden repairs might include a sinking or shifting foundation; old lead plumbing; failing electrical wiring. These are problems that generally occur out of plain sight; problems that occur under the floors or behind the walls. These issues can cost you thousands of dollars to repair.
What to Look for in An Inspector
Look For Experience
You want a home inspector who is competent and thorough; someone who can look at the property and make whatever recommendations are necessary.
It’s very important to follow those recommendations. As a potential buyer, you might ask the current seller to have the repairs made or reduce the price of the house so you can ensure the repairs are made.
For example, you might see some recommendations in a home inspection report that suggest bringing in other experts to take a look at the property.
These experts can include:
- engineers to look at foundational issues
- a plumbing specialist to run sewer scopes to look at the condition of the sewer line
- a roofing inspector
Having a home inspection is extremely important. If you do face expensive repairs this is the point you can walk away from the sale. You don’t have to incur any liability.
Remember, some home repairs can be huge, costing in excess of six figures to fix structural concerns.
If those issues are raised in your inspection report, but you fail to address them, then you will buy that property “as is.“ Then you could get stuck with the bill to fix all those things, even if it is in excess of six figures.
The Bottom Line
If you that happens, you will be required to reveal those problems with the house to the next possible buyer. At that point, you would have to make the repairs or reduce your asking price.
In the end, it pays to have the inspection done and every inspection that’s recommended thereafter. It very well may save you tens of thousands of dollars.
Connect With Our Attorneys
Buying a new home can be more complicated than you think. Remember, it’s likely to be the largest purchase you’ll ever make in your life.
The experienced attorneys in our real estate law department can give you the peace of mind that the deal is solid and you understand the possible risks involved.
Call us at 303-688-0944 to set up a free case assessment, or click here to schedule online.