Want a better deal on your next home purchase?
Inspections could cost you thousands of dollars during your negotiations.
One of the questions that keeps coming up for the next home that my buyers want to purchase, is this, should I get a home inspection? The RockStar Group has helped over 300 families purchase a home and there are a few exceptions where I would say that getting a home inspection on your next home purchase may cost you lots of money. I am here to help you save money on your next home purchase.
In the 12 years that I have been selling real estate, I’ve only had one buyer terminate their purchase contract due to the items discovered during the general home inspection process. In this instance, this particular deal was a buyer who was purchasing a foreclosure home and we could tell that house had issues from the exterior before you ever entered the house. Under most circumstances, when you have a home inspected, there are 15 to 20 items that typically come up on just about every home inspection.
How to save money?
So, I have gathered up the top 25 items that we can check on before presenting an offer to purchase a home of your dreams. I would suggest we start by looking over our top 25 list of items that are notated on the majority of the inspections reports and confirm the general condition of the noted items.
We then make a general condition report and get a range of cost to repair the deficient items. In my experience the heavyweights of items noted are the roof, foundation, and the HVAC Systems. Now, it is time to write an offer to purchase. This is where you could save some money. We would present an offer to purchase, eliminating, in Texas, the Option Period.
This is usually when you would spend money on your inspection. I would say that they average $700 for the general inspection and a wood destroying insect report. By eliminating the option period, the seller knows exactly what his bottom line is and that there is no turning back from you, the buyer. The only hurdle for the seller is now the home meeting the appraisal. So, we now have saved you the cost of the home inspection, we have also asked the seller to forego the offer of the one-year home warranty that is usually more of a pain in the rear than good, In addition, we are going to discount our offer for the potential of items that we cannot see or personally inspect, by asking for a sellers contribution of the average amount of typical repairs.
My average run for repair request is about $1500 to $2,000. Now, we have discounted the house, saved you up front money, and put money in your pocket at closing. Now, back to the roof and HVAC. We include in the offer that the seller is to have the roof certified as working as intended and free from leaks. We ask the seller to have the HVAC system serviced and cleaned. We also ask for a termite clearance letter.
What will Seller Say?
I bet your position on your offer would look better to a seller because you removed one of the biggest contingencies in the contract. This is one that the seller is most concerned about. Now, it’s a win-win for both parties. I would bet that the other agent would help push your offer through. I’m not saying that every deal should not have an inspection, as there are times when it would absolutely be necessary.
I have had several clients negotiate items discovered in during their inspection, that they received cash for, and never repaired the items. I asked why, and they said that it didn’t make the home unlivable and they just didn’t get around to repairing it. I’ve asked several people what’s been the largest repair item that you had when purchasing a home, outside of the roof and the HVAC systems most will say it’s between $500 to $1,000. Would you like to save money on your next home purchase? Call me for more details on the top 25 items. I am here to save you money when you purchase your next home. It all starts with a good real estate agent that know his stuff. I am that guy!!
Want to see which homes I can save you money on today?