by Jane Ebury
on Wednesday, March 21st, 2018 at 9:25am.
Together we've found your ideal home, in the ideal neighborhood, and your offer has been accepted. You are thrilled, and I am happy for you. However, the real celebration should wait until all the contingencies have been met and you are clear to close.
There are times when I have to dash the hopes of the potential buyer, to even advise them against moving forward due to inspection failures. As painful as this is, it is for the best for my customers, something that is my compass for all my business dealings.
Home inspections are critical when buying a home, they eliminate the costly surprises. The repair limit stated in the contract will most likely cover the repairs the inspector highlights, however, on occasion the repairs can exceed the repair limit, at which point negotiation or walking away is the only option. As an investor or a flipper, the unknown can be the difference between making a profit to breaking the bank!
Items that can make or break a deal:
Mold Florida temperatures and high humidity are the perfect environment for mold, however, there is a big difference between a little surface mold and Black Mold. The inspection will highlight whether or not the mold is an issue, and the source of the problem. Under kitchen sinks and bathrooms are areas to pay extra attention to.
Pests A Pest Inspector will check through the house for any signs of termites, past or present. If the house has/had termites, treatment is available. However, an assessment of damage and cost of repair may exceed the repair limit in the contract, therefore, the buyer will either renegotiate the contract terms or decide to walk away.
The DIY Project This is when you need to be wary of projects that may not be up to code. A DIY homeowner may not have the necessary skills for electric, plumbing etc. Permits may not have been submitted which may create potential risk from a safety point of view and when you decide to sell.
Drainage Problems Our rainy season can be very wet. Sometimes it can rain for days, so it’s important to look at the level of the house vs the road. Are you in a flood zone? Walk the property – are there any areas that are low which may cause a problem? Does the house have gutters? Water ingress can create a lot of damage resulting in mold - make sure the roof is in good shape for proper drainage.
As a Realtor, I always recommend buyers have a home and pest inspection. Having been in the real estate business in the Sarasota and Manatee county area for almost a decade, I have a number of inspectors, contractors and professionals that I feel confident recommending.
If you are looking to buy, invest or flip a home, feel free to contact me with any questions.