What’s the Biggest Reason to Make Your Offer Contingent on A Professional Home Inspection?
In simple words, it lets you back out of the contract if you find something fishy about the house. Buying a house is generally one of the biggest financial investments you are going to make in your life. You don’t want anything to go wrong. Thus, it is biggest reason to make your offer contingent on a professional home inspection. Let us dig a little deeper into what a contingency clause is and how it protects you from frauds and scams. It can help you negotiate the prices and get better deals from lenders.
What Is A Contingency Clause?
The contingency clause defines an action or condition that must be met for a real estate contract to become binding. It becomes a part of the contract when both the concerned parties sign the agreement. It is attached with the offer to purchase real estate and under certain circumstances, it gives the right to back out of a signed contract. If the conditions of the contingency clause are not met, the contract becomes null and void.
How Does It Benefit A Buyer?
As a buyer, you are going to place an offer on certain conditions. In many cases, you are bound to hire home inspectors in Johns Creek GA, and acquire a report. Beware, as there are several scammers waiting out there to exploit the homeowners. This is an unregulated field so you need to find an experienced inspector to enjoy all the benefits.
The biggest advantage of keeping this contingency clause is that if you discover something you don’t like, you have the option to leave the deal. There are several other options lying out there as you are not bound by the contract anymore. An experienced home inspector who knows enough about the sub-trades to spot all the underlying issues is pivotal to your decision.
You can get your deposit back and walk away. This should be the course of action when the seller has lied about serious safety hazards. When it becomes obvious that a seller is lying, you don’t know what else they are hiding. While some home inspectors in Johns Creek GA can help you identify the hidden problems, others may not be professionally competent enough to spot the issues.
A homeowner can also negotiate the price of the property after getting the inspection report. You can get the property at much less cost and take care of the repairs after the deal is closed. Make sure to read the disclosure statement before signing the contract.
A contingency clause may not be the superpower a buyer wishes to have but it gives enough freedom to walk away from the deal and search for better options.