My Buyers Advice, do the home inspection!
Common issues found during Wichita home inspection - Kimmy Ostrom, REALTOR®
I know it’s a tough market for buyers right now and that agents are trying their best to be as creative as possible to help win the bids, but should waiving the home inspection be the way to do it? I’ve seen agents waiving the home inspection altogether or stating in the offer that the inspection is for informational use only. Yes, you can back out of the deal if you conduct the inspection and a significant repair is required. However, the buyer then loses their earnest money, which is a considerable amount of money they have to come up with. This is critical in a time when the buyer needs all the cash they can scrounge up to go towards the offer price. Offers typically need to exceed at least 1 to 3 percent over the list price.
Some also believe that the newer the house, the less risk of major repairs. However, in some cases, contractors are working extremely quickly to build homes due to the housing shortage. Sometimes they’re building to the bare minimum of code. And frequently, they subcontract projects to a wide array of vendors, whose competence and diligence may range significantly. On top of all that, sometimes mistakes plain happen.
The 5 Major Repairs to look for on an Inspection: Roof, foundation, mold, plumbing, and electrical issues can all be costly. In a time when buyers have to offer their best and highest price and pay over asking, why would they want to pay for any significant repairs on top of that? There are several ways to win in a multiple offer situation without putting your buyer at risk. As an agent, I have always encouraged my buyers, whether it’s new construction or a hundred-year-old house, to do an inspection.
Kimmy Ostrom, REALTOR®
Cloud 9 Realty Group, LLC
(316) 665-6477
