Buying a Home -- Is a Home Inspection a Good Idea?

To avoid "buying a pig in a poke," buyers have long demanded the closing on a home purchase be contingent upon a satisfactory inspection by a home inspection firm. In many parts of our country, we're now experiencing a strong sellers' real estate market and sellers often receive more than one purchase offer on the same day for their home. In this environment, buyers are rethinking the home inspection requirement. Is this a good idea?

To Inspect or Not To Inspect

Clearly, if a seller got two offers and one requires a home inspection be done, most sellers will choose the non-inspection offer with all other things being equal. So, a home inspection requirement can put you at a competitive disadvantage. Still, are you willing to risk purchasing a home that has some fundamental, expensive problems? What if you purchase the home and subsequently learn plumbing under the floors must replaced? What if the repair costs $10,0000?

One option may be to include a provision in your purchase offer that provides for a home inspection done for informational purposes only. That way, settlement under your offer is not conditioned upon the inspection. It would not provide you with the option of amending the contract to have the seller make repairs, nor would it provide a way for you to void the contract should serious problems be uncovered. Should serious problems be discovered, however, the seller is bound to know the deal will be in jeopardy. For that reason, even an "informational" home inspection won't look as good to her as a contract with no requirement for a home inspection.

Another option you might consider in lieu of a home inspection is a sub rosa inspection. Instead of using James Bond for spying, you could ask a friend working in the construction or engineering field to walk through the house with you. The goal, of course, is to look for any glaring "red flags" that are deal killers.

If your friend doesn't see anything disturbing, you can then write a clean contract offer without contingencies. Sellers love no contingency sales. The chances are good that you'll get the home you want, but still have a some assurance there isn't anything seriously wrong with the property.

There is no one right answer when it comes to deciding on home inspections. Each buyer has to ask himself how much risk he is willing to take. If you are the only party making an offer, demand an inspection. If you are one of many potential buyers, well, you are going to have determine your comfort level. Others can provide information, but the decision is yours.

Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.

---

Property in Northern Spain

If you're looking for the 'real' Spain where the culture,... Read More

Escrow Accounts ? Are You Paying Too Much?

Money in escrow is "dead money". It doesn't earn interest... Read More

Do You Want To Sell Your Rehabs Fast?

That's an obvious question ? we all do! So what... Read More

A Few Easy Ways To Take The Headache Out Of Moving

Moving from one house to another is always a challenge,... Read More

Real Estate Investing Produces Extraordinary Profits

Imagine making $5000 a year from real estate investing without... Read More

Homes in Chapel Hill

Chapel Hill is located right in the middle of North... Read More

A Simple Step by Step Aproach to Fail Your Way to a Million Dollars

If You want to be Financially Successful you need to... Read More

Property Investing Secrets 8

Property Investing: A Buyer's Secret Weapon When Purchasing Real EstateMy... Read More

Selling Your Home ? Alone or with a Broker?

How do you decide whether to sell your home (or... Read More

Buying Rental Property - Avoid Sellers Tricks

Be careful when buying rental property. We stayed at a... Read More

Are You Profiting From O.P.P.?

Are you profiting from O.P.P.? If not, why not? We... Read More

How To Sell A Home That Didnt Sell

If your home has just come off the market and... Read More

Florida Real Estate Exploding For 15+ More Years?

YEEHAW!!!!!! The south will rise again!! Can't you just imagine... Read More

Home Staging Strategies

Who are you preparing your home to sell to?You, as... Read More

How To Give Your Home A Face-Lift: The Sellers Guide To A Quick Sell

One of the great challenges to selling a home can... Read More

4 Simple Tests To Find Good Real Estate Investment Properties

You're driving along the road when you spot it. There... Read More

To Buy or Not to Buy

Purchasing a home is a major emotional and financial decision.... Read More

Real Estate Lease Option Danger

Why are real estate investors having so much success offering... Read More

Does Staging Work?

Staging can involve minimal effort on the part of a... Read More

Farm Expired Listings For Big Commissions

Many real estate agents begin and sometimes sadly end their... Read More

Do You Know What Design/Construct (or Design/Build ) Means? I Think You Should!

These real questions on 'How To' build are answered by... Read More

Real Estate Tax Incentives

Lower Your TaxesTax incentives for real estate investors can often... Read More

Kings Bay Georgia Real Estate - An Amusing Tale About a Real Estate Agent

This story is true and not meant to hurt anyone,... Read More

Buying an Unfinished Home Maybe Your Answer

For the first time "want-to-be" homeowner, purchasing an unfinished new... Read More

Real Estate Development Marketing

A Specialist Article For Those Interested In Real Estate Development... Read More

Property Investing ? Port Melbourne Life on the Edge

Property investing prices pick up following a cooler winter last... Read More

Want To Be Profitable In This Real Estate Bubble? I?ll Show You How In Just Three Easy Steps

STEP#1. First you have to recognize that in order to... Read More

Real Estate Investments

Real estate investments come through a variety of different options.... Read More

Commercial Real Estate: Assessing The Unique Features Of Commercial Real Estate Parcels

As commercial real estate development progresses into the 21st century,... Read More

Secrets of Making Money from Real Estate - Part 2

Leverage: With real estate, people and companies will lend you... Read More

Cashing Out of Preforeclosures - Exit Strategies for Maximum Profit

One of the quickest ways to real estate profits is... Read More

Decorating to Sell a House by Meeting Three Key Needs

Specific marketing campaigns are no longer just for automobiles and... Read More

Cheap, Bargain, Real Estate; Good Deals, Below Market, Low Priced Properties Are Available...

Cheap, Bargain, Real Estate; Good Deals, Below Market, Low Priced... Read More