More Mistakes For Buyers To Avoid

Dated: 06/17/2017

Views: 920

MISTAKE #3 - WAIVING THE INSPECTION

I understand that when you commit to making a purchase of hundreds of thousands of dollars, every additional expenditure seems to be just too much.  But it's because you are making what is likely the largest purchase you have ever made that you should get as much guidance as you can.  A few hundred dollars is not too much to pay to be better informed as to the condition of the property.   


I am not a licensed inspector so I encourage my buyer clients to have an inspection performed before signing the contract of sale.  (In other parts of New York, the inspection takes place after the contract is signed and an inspection contingency is included in the contract language.)  The inspector, in turn, will inform the buyer of any issues that should be checked by other professionals - a plumber, electrician, mason, etc.  Certain types of purchases offer the buyer a specific time frame to do inspections.  Make sure you conduct your inspection during this time period.  You may forfeit your deposit if you decide not to purchase the  property based on an inspection  conducted after the specified time has elapsed. 


An inspection report can lead you to change your mind and withdraw your offer to purchase.   There might be an issue that warrants re-negotiating the purchase price and asking the seller for a credit at closing.  The best case scenario is a report that gives you peace of mind knowing after the purchase all you need to do is paint over the purple paint in the bedroom and replace the dated A/C in the window.


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D Gloria Hernandez

NYS Licensed Associate Broker Branch Manager, Pelham & Briarcliff I love looking at houses and I often dream about them. After 15 years in real estate, I believe I have developed a skilled eye f....

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