Why it is Imperative You Get a Home Inspection When Buying a Home
During most of the last decade, especially the early part, the market for home prices was increasing at a emotional, unheard of rate. As home prices continued to increase in value faster and faster and higher and higher, buyers started to more and more make interesting decisions that any specialized would probably agree were not in their best interest. One of the most interesting of these practices is that home buyers seemed to be so worried that they would not have their offered accepted by the seller, borrowers would start waiving important contingencies in order to allurement more to the seller. One of the most important contingencies the buyers decided to waive was the home inspection.
If an individual is trying to sell a home that they know was built a while back and has been around for a while and lets say they are nervous that the home might have termites and the resulting structural damage, they will not want a buyer to know about the termites because the termites will severely damage the worth of the home and the seller will have to pay for it. Or if the seller is in a huge hurry to move out of their home and want to sell it quickly they will be pretty put out when the inspection says there is thousands of dollars in structural damage that needs to be fixed.
Bottom line is that an inspection is hugely in favor of the buyer, so much so that it is rarely; if ever in the buyer’s interest to waive the inspection no matter how good of a sellers market there really is currently at the time. This rule can be illustrated by so many horror stories buyers would have faced had they not had an inspection. One buyer found the perfect home, formed a great relationship with the seller, was excited to move into the home, and then when the inspector inspected the home, it was discovered that the home was built on top of a sewer easement. No human on this earth wants to have there home over character that the sewer company has character rights over. Another story is a home buyer who thought he had found the home of his dreams, the home was recently painted, the structure or architecture was just what he liked, perfect neighborhood, etc. The inspector closest noticed that the home had the turn up of “hiding” something. The buyer was lucky that the inspector had a specialized termite inspection license because almost the inspector was able to find thousands and thousands of dollars worth of damage to the home. In some ways the home was about to fall over, which would have left the buyer and lender stuck with nothing of value.
Of course horrible structural damage or thousands of dollars of repairs is not usually the norm, but is instead the exception to the rule. in spite of of the odds, the chance or downside to not having the home inspected is much higher than the upside. Why risk buying a lemon with one of the largest investments one will probably make in their lifetime.