After you sign the paperwork and officially close on the sale of a home, it is yours. There are no refunds or exchanges. This is why the due diligence process of the home purchase is so important, including the inspection. It gives time for the buyer to learn as much about the home as possible. One of the ways to do this is through inspection.
The inspection process helps homebuyers discover as much as possible about the condition and livability of the home before they sign the final paperwork. It is crucial to include an inspection contingency on the purchase offer to allow you to walk away from the purchase and rescind your offer without penalty if something you do not like is found.
But what issues in a home are worth severing the deal for?
When Should You Rescind Your Offer on a Home After the Inspection?
When Needed Repairs Are Beyond Your Budget
If you are hoping to purchase a home that is in great condition, you most likely don’t have plans to save an extra budget to take on home repairs right after purchase. If the home you are about to purchase will require repairs beyond what you have to spend, it is best to move on.
Yes, there are repair credits from sellers, but these credits do not come in the form of cash in the buyer’s pocket. They often end up reducing the closing cost charges or lowering the price of the house. This means buyers still need personal cash to make repairs if they do not request that the homeowner make them before they move in.
When Repairs Found in the Inspection Feel Like an Overwhelming Burden
If you plan to move into your home right away and the discovery of a major repair would delay that or alter the quality of life inside the home for a significant period of time, this can feel overwhelming. If the repairs are more work than you are willing to take on, there is no shame in walking away from the deal. Who wants to move in and not be able to use the kitchen for three months? Or maybe a repair would require everyone in the house to share one bathroom over the next year.
Plans You Had for the Home are Not Feasible
If you find a home that has almost everything you want, and have plans to make a few adjustments through renovations, you want to make sure those plans will be doable. You don’t want to purchase the home, excited to make the renovation to find out the home will not be permitted for the renovation or is not structurally sound for the changes you want to make. If this is an issue, you will need to reconsider if you love the home as it is without your alteration plans. If the home won’t work for you without your plans for upgrades, it’s time to move on.
You Find Out Issues in The Inspection That Aren’t Disclosed
A homeowner is obligated by law to disclose several things about the property if they know about them when they list the home for sale. This includes any major issues with the house, if someone died in the home, and more. If you discover something of significance during the due diligence/home inspection process about the home that the seller was trying to hide, this is a red flag.
For example, the home was built in an area prone to flooding. In order to build the homes, the builder altered the natural landscape, which is prone to flooding. Despite all the efforts to unnaturally reroute the water, the homes still experience water streaming down the walls every year when the rain picks up, especially if there is a hurricane. You talk with a neighbor who purchased a home from the previous two houses down, who wishes they had known about the seasonal “flooding” every year, because they would have walked away had they known.
If you are considering purchasing a home in Sunset Beach, please contact us. We are here to help you with any Sunset Beach real estate needs, both buying and selling properties.
“Karen and Frank Baker are patient and professional. They listen to what you want in a home and find it. It took me a few years to get to the “I’m ready to buy” point, but Karen and Frank stuck with me and never pressured me. We found my perfect home and I’m happy…” – Sunset Beach and Beyond testimonial
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