A home inspection contingency gives buyers the chance to hire someone to tell them about issues with the home before purchasing it. These issues can be major or minor and many lenders don’t offer financing on a home unless there is an inspection. Potential buyers have a window of seven days (in most cases) to walk away from the purchase. after a home inspection.Inspectors look at interior and exterior of the home for possible damages that can include HVAC, foundations, electrical, plumbing, roofing, and more.These inspections can uncover problems that aren’t seen to the average eye such as mold or faulty wiring.
What is Covered in an Exterior Inspection?
Slopes in graded
Garage or Carport
What is Covered in an Interior Inspection?
Heating, Ventilation, and Air Conditioning (HVAC)
What is NOT Covered
Some areas inspectors won’t look at include:
Inside walls (won’t cut open drywall or insulation)
Inside pipes or sewer lines
Behind electrical panels
When Your Inspection is Complete
-Significant problems that are too expensive to fix may cause you to cancel the purchase as long as you have included this in your home inspection contingency
-Certain smaller issues (or large if you choose) can be negotiated in the purchase price or negotiated to be fixed in order for the purchase to go through.
-In some cases when the property is bank owned or non-negotiable, you can get the estimate to fix the problem yourself once you own the property.