Have a failed home inspection on your hands? Ilyce Glink explains what to do when a home inspection goes bad in today’s Real Estate Minute.
When you have a home inspected, you have to be prepared for your inspector find something wrong with the property you’ve fallen in love with.
When a home inspector finds something wrong with a house, you have two options: Withdraw from the contract or renegotiate the purchase price to cover the cost of fixing the problem.
Sometimes you have unfixable problems, like if the house sits on a fault line or in a floodplain, or has a severely cracked foundation, or has a contaminated water supply.
Nearly everything else is fixable…but that doesn’t mean you should sink your money into a property that needs to be fixed up until you’ve looked at what you might sell the house for once it is in great shape. Ask yourself: Is fixing up this house the smartest financial move you can make?
We’re rebuilding America one house at a time.