The real estate market is competitive, which means that agents and clients are pulling out all of the stops to make their offer attractive. For some, this may mean paying over price or even waiving certain contract items. Our agents at Corken + Company know that it is a very common practice in today’s market to skip an inspection. However, we have a few suggestions when it comes to this practice.
Our goal is to always protect our clients and provide a seamless home buying process. Though we want to help you make your offer competitive, we also want you to be in a safe home. One of the best ways to do that is to make sure you are aware of all the pros and cons in any given circumstance. Here are a few reasons an inspection is a good idea:
An Inspection Can Help Buyers Avoid Overpaying:
Most buyers today are already paying a premium with housing prices across the country at an all-time high. According to a recent report from Redfin, in April, the median home sale price in the U.S. increased 17% year-over-year to $341,250. With buyers paying top-dollar for homes, unreported issues and extensive repairs should not be part of the process.
An Inspection Can Uncover Problems That the Seller Might Not Even Know About:
While a seller is required by law to disclose problems they know about, what about the problems they may not be aware of? Some sellers might not think to go into a crawl space, or climb up onto their roof prior to putting their home on the market. Some other issues are not a seller’s fault if certain things were installed incorrectly etc.
While finding a substantial problem the seller didn’t know about won’t necessarily kill the deal, it does give buyers a chance to make an informed decision and provides an opportunity to negotiate the price of the home given the overall cost of any large repairs.
An Inspection Gives Buyers a Chance to Budget for Future Repairs:
Armed with the right information, buyers can plan for future expenses and take advantage of sales when they know they must replace a major appliance rather than suddenly being faced with a failing air conditioning unit in the middle of summer.
An Inspection Can Prevent Buyer’s Remorse:
We know that in today’s market buyers are having to close on houses faster than ever. However, what we suggest here and Corken and Company is at least a “Health and Safety” inspection. This can alleviate some of the concern, and make it so a buyer can confidently move quickly through their purchase.
As you look into buying a home we are here to help! Contact us today. Our team understands the intricacies of a fast moving market and would love to help you with all your buying needs, and better understanding your home inspection.
Contributions from: rismedia.com
