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Avoiding Pitfalls During the Home Buying Process
Manage episode 152751056 series 1070305
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There are countless pitfalls you can fall into during the home buying process. Today we want to help you avoid some of the more troubling ones, so we’ve invited Ryan Mackay, an attorney with Real Property Law, to talk a little bit about how to avoid certain pitfalls that have ruined deals for buyers in the past.
Within a purchase contract, there are an endless number of things that could go wrong. While the big, catastrophic problems are rare, they are still possible if you don’t have the right person or team of people guiding you through the process.
Ryan says that most of the problems he sees are mistakes made before the client even comes to his office. One of the biggest issues he’s been seeing has to do with home inspections or lack thereof.
Let’s say you are looking at a house and for whatever reason, you decide not to get an inspection. You may think that everything appears to be fine from your walkthroughs, but what you don’t know is that there is a clause in a standard contract that says the property will be in essentially the same condition on the possession date as the day the contract is signed.
If there ends up being something major wrong with the home that doesn’t get picked up due to a lack of home inspection, there is nothing Ryan can do to help at that point. By waiving your inspection, you waived your right at re-negotiation of the contract due to repairs. The contract says you're buying as-is, so you end up paying good money for a broken item.
This is a completely preventable issue and proof that getting a home inspection is a wise investment. More than just the inspection, it’s about hiring the right people to work with so that you never have the opportunity to skip an inspection. You want your agent, your lender, your lawyer, and your home inspector to all work together in order to help you buy a home.
If you have any questions for us, don’t hesitate to reach out. We look forward to hearing from you!
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