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What are my Home Inspection Options?

Purchasing a home is a big decision. Most people spend years saving up for a down payment and hours poring over real estate listings as they search for “the one”. And once you go under contract, you want to make sure the home you’ve chosen is a solid investment. That’s where a home inspection comes in.

Real estate contracts offer a few options when it comes to the condition of the home.

First is what’s called a due diligence contingency. During a period of time specified in the contract, buyers can have the property inspected and then decide whether or not to move forward with buying the home. This type of contingency doesn’t require the seller to make any repairs. It’s an opportunity for the buyer to make an educated decision about the home based on the results of the inspections the buyer has performed.

The second type of contingency is called a home inspection contingency.This is similar to a due diligence contingency in that the contract spells out how long the buyer has to complete the home inspection. But the difference is that there are certain parts of the home, like the roof and HVAC, that the seller is required to have in good working order at the time of the home sale. If the home inspection reveals any of these items aren’t working as they should, the buyer can request that the seller repair them. If the seller refuses, the buyer has the option to terminate the contract.

You also may see some homes being sold "as is". That means the seller isn’t open to negotiating repairs, what you see is what you get. This doesn’t mean you can’t have a home inspection. You can work with the seller to schedule access to the home so that you have a better idea of exactly what you’re getting into when you purchase the properties. It just means that any repairs you decide to make will be paid out of pocket by you, rather than the seller.

When it comes to deciding which option is the best for your specific situation, your real estate agent is going to be your best resource. You can talk through the pros and cons of each choice to decide what you’re most comfortable with and which option will put you in the strongest position when it comes to your offer.

Speaking of that offer, before you make one, you do need to have your home financing lined up. To talk through your mortgage options at United Community Bank,contact our team of expert Mortgage Loan Originators or start your secure, digital application now.

1Not all borrowers will qualify. Restrictions apply. This is not a commitment to lend.