Buyers, sellers both have options when inspection finds problems

Home inspection serves as an informational source to know defects and maintenance issues in a property. Home inspection reply is when buyers and sellers negotiate for repairs or monetary credits. Once home inspection reply is agreed upon by both parties, any repairs would then be required to be performed by the seller.

Interest-Only HELOCs Explained A home equity line of credit (often called HELOC, pronounced Hee-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage).

If you’re selling your house and just had a home inspection, you might wonder if you have to pay for the repairs.. the buyer can ask that the problems be fixed by the seller or have the seller drop the price to make up for the money spent by the buyer to fix the problem.. Some sellers may.

When a seller fails to disclose a material, latent defect, that seller is liable for any costs the purchaser has to pay to remedy the situation. This liability extends to the listing agent. Both owner and agent have a duty to not only disclose but to exercise reasonable diligence to discover any latent defects in the property they want to sell.

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 · The home inspection is an important part of any home purchase and buyers have some flexibility about when they conduct the home inspection, what they do.

Many real estate transactions can fall apart right after the home inspection. This can be due to the fact that most buyers will want the seller to fix all or most of the repairs found on the.

If you find out during the inspection that the seller has misrepresented the condition of the home, you should have the option of walking away from the deal. Some state seller disclosure laws provide for a buyer to receive documentation from the seller disclosing known problems with the home.

Both sellers and buyers should have a thorough understanding of home inspection contingencies before agreeing to, and signing the contracts. This is where your real estate professional is an asset-he or she deals with this type of contract contingency regularly and can offer qualified advice on how to proceed.

Story Highlights. Generally speaking, no house is perfect, and the home inspector’s report is not a work list for the buyer. If the inspection turns up problems, most buyers and sellers end up getting them fixed before escrow or by including money in the final settlement of the sale to pay for the new roof or rusty water heater.