VIDEO: What Does Contingent Upon Inspection Mean?

06/28/2012

2 Comments

 
Let's say you are in the middle of buying a house, but find out mid-way that the place needs a new $50,000 foundation? You are under contract and might lose your deposit money! How do you avoid this mess? Be sure your purchase agreement has an inspection contingency period for you to do your due diligence. Without that clause, the seller might keep your deposit for damages if you try to back out. It can get nasty quick! 
 


Comments

Ken Montville link
06/28/2012 04:25

Absolutely correct and even more important on foreclosures and short sales that are being sold "as is" with the seller telling the buyer, up front, that they will not be making any repairs.

It's amazing what home inspectors, radon tests, mold inspections, etc. find when they go over a house. I'm often surprised at what's found in an otherwise pristine looking home.

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Herman
06/28/2012 04:32

Gotta look past the curb appeal and staging! All that glitters isn't gold

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