What are inspection contingencies and how do they impact real estate deals? Find out today.
Many buyers and sellers wonder what inspection contingencies are and how they impact a transaction, so today we’ll get to the bottom of these common questions.
Essentially, an inspection contingency is an addendum to a real estate contract that allows buyers to have a professional inspect the property for potential deficiencies before proceeding with the deal. If any problems are found, the buyer and seller can negotiate over repairs, the price can be lowered to compensate for the issues, or, in the worst-case scenario, the buyer can walk away from the deal without penalty.
If an inspection reveals major problems, the process of repairing them may cost the seller a significant sum. Alternatively, they may have to knock a large amount off of the purchase price. Either way, a subpar inspection report is something every seller hopes to avoid.
Thankfully, you have other options. If you suspect that your home is in less-than-ideal condition, but still want to sell it, we would be happy to buy it from you without any sort of inspection contingency.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.