Home Inspections: Foreclosure or Traditional Sale?
I have a couple of buyers under contract. It's at this point in the buying process that I emphasize the role of the home inspection. The key to a smooth transaction and happy buyers and sellers is making sure both parties understand the terms they agreed to in the contract regarding the inspection and repairs. The home inspection is not to be used to negotiate a further price reduction or concessions from the seller, unless latent (hidden) material structural problems or improperly functioning systems are discovered. In a traditional sale , the buyer has a right to an inspection during the agreed-upon inspection period. Per the new FARBAR Purchase and Sale Contract, cosmetic items (visible items not affecting the structure or function of the property) the seller is NOT obligated to repair as a result of the inspection are outlined on page 5. Major systems such as roofs, HVAC, and pools, are required to be in working condition (performing the function th...