3 Reasons Why Home Inspections May Cancel a Deal
Home inspection plays a vital role in a real estate deal; it could make or break a deal between a buyer and a seller. In order to have a sense of trust and objectivity with the transaction, most buyers or even some sellers would hire the expertise of a home inspector. And with a testimony from a seasoned home inspector, Dylan Chalk of redfin, he highlighted common reasons why a home inspection may kill a deal.
Looks can be Deceiving
In the effort to sell the house, some things and some structural problems are being covered up. Some flipped houses which were bought to be sold after some repairs were supposedly done were actually not properly initiated. A keen home inspector would not easily judge the house based on how everything looks on the outside, regardless whether if it's shiny or not. Based on experience, some houses hide structural dysfunctions on the very core of the house. These houses are not to be considered as "bad houses," however they may present some risk and other cause of expenses for future owners.
More Repairs and Updates
In relevance to the first reason as pointed out in this article, some houses upon inspection fail to amaze home inspector due to the needed repairs. It is mostly experienced by them when dealing with houses between 15-20 years old. The timeline suggests that after 20 years most house systems which includes but not limited to the roof, deck, furnace and appliances require replacement or repair. If a buyer would be presented with a report concerning possible update expenses, then chances are great that buyers would not continue with the deal.
Bad Bone Issues
Though it is obvious that fixer houses needs renovations, some buyers are still enticed by this type of set-up. These buyers were already expecting repairs or replacement to be done with the roof, gutters, furnace, kitchen, bathrooms, flooring, paint and appliances. However, upon home inspection, inspectors would then find out that there are deeper issues than what meets the eye. If a report would say that wood destroying organisms, drainage problems, and foundation issues were found, then it would eventually lead to a change of deal price or even a cancellation of it.