Don’t be afraid to request a home inspection. You could potentially avoid thousands (or more) in unexpected repairs after closing, along with the possibility of overpaying for your new home. Have you heard of a home inspection contingency? This is an addendum to the offer that allows the buyer to conduct an inspection, and then, back out of the deal if they are unsatisfied with the findings.
A good example of how this would play into owner-financed purchase is if the home needs repairs a traditional mortgage lender may not approve the home for financing. You can still save the sale by going the owner-financed route and refinance after the repairs have been completed.
A good home inspector looks at the structure of the home, the plumbing and electricity, air conditioner/heater, kitchen and appliances, attic, roof, gutters and windows. After getting the report back you can assess what items that may need repairs, or items are not up to code, thus giving you an action plan to discuss with your real estate agent.
If the seller ignores your concerns about the repairs–such as refusing to fix them or pay for you to do it–it might be time to back out of the purchase contract as long as you have a proper contingency. If you’re able to negotiate with the seller on the most important repairs and end up moving in, the inspection report can help guide the initial repairs you need to make in the home.
A home inspection is a straightforward way to get a professional, third-party review of the condition of the house you’re about to buy. Although it can be disappointing to find out the home you want is in a state of disrepair, it’s best to confirm that before you finalize the purchase and move in, only to find out you’re on the hook for more money than you bargained for.
To learn more about the importance of home inspections, read this article:https://www.forbes.com/advisor/mortgages/home-inspection/?fbclid=IwAR213zAaG2KSefIe-pSzxf6MMa8zZ13LG5xxJD0fmvlldWKaofB06djLi1Y