What Inspections Are Required
Believe it or not, hardly anything is required by your lender. For some loans, the underwriter will require a well water test and a Wood Destroying Insect Report (WDIR). Most folks refer to this as the termite report.
It is completely up to the buyer to inspect or not. As your Realtor, we always encourage our buyers to get all inspections. A thousand dollars during the due diligence time period could save you tens of thousands later on.
A couple of personal examples:
A home built in the 70s that was immaculate had a cracked septic tank and so much rot under the home that the band, 18 floor joists, and about 600 sq of subflooring had to be repaired/replaced. There was also quite a bit of fungus, so the crawlspace had to be cleaned and treated with Concrobium to prevent any fungus after the water intrusion was stopped. This ended up costing about 18k but since we found it during our due diligence period, the seller agreed to take care of these repairs.
Just last week, an inspection noted many issues under a very old home. Although the home was beautiful, it was literally crumbling underneath. So much so that the structural engineer would not recommend any repairs but said the entire foundation would need to be replaced and he cautioned my buyers about finding a contractor that was licensed and insured for this type of delicate work. My buyers ended up terminating the contract because it was too much of a risk and expense to take on.
If you need a realtor that will guide you through all you need to know and do, give us a call.
It is completely up to the buyer to inspect or not. As your Realtor, we always encourage our buyers to get all inspections. A thousand dollars during the due diligence time period could save you tens of thousands later on.
A couple of personal examples:
A home built in the 70s that was immaculate had a cracked septic tank and so much rot under the home that the band, 18 floor joists, and about 600 sq of subflooring had to be repaired/replaced. There was also quite a bit of fungus, so the crawlspace had to be cleaned and treated with Concrobium to prevent any fungus after the water intrusion was stopped. This ended up costing about 18k but since we found it during our due diligence period, the seller agreed to take care of these repairs.
Just last week, an inspection noted many issues under a very old home. Although the home was beautiful, it was literally crumbling underneath. So much so that the structural engineer would not recommend any repairs but said the entire foundation would need to be replaced and he cautioned my buyers about finding a contractor that was licensed and insured for this type of delicate work. My buyers ended up terminating the contract because it was too much of a risk and expense to take on.
If you need a realtor that will guide you through all you need to know and do, give us a call.
Comments
Post a Comment