When one is purchasing a home, it is ALWAYS strongly advised that he/she/they have a home inspection. Once the contract is negotiated and accepted, a buyer will have a specific number of days to have both a home inspection and attorney modification- it's negotiable, so the the number of days can change.
I'll go into specifics of home inspections in future blogs- this one jumps the gun and talk about what to do once said inspection is complete. A buyer has a right to ask the seller to repair or give credit for issues found in the home.
BUT a provision in the contract that is OFTEN overlooked is: The Parties agree that repairs which do not exceed $500 in the aggregate to remedy,shall be considered minor deficiencies for the purpose of this Paragraph, and buyer agrees to assume those repairs with no allowance from Seller.
This is my blog for today because I have a buyer purchasing a listing of mine for a good $10,000 under it's market value and nit-picking over $100 in menial repairs. Uggh. It really should be your REALTOR's job to explain that provision on either side of a deal (buyer or seller). Houses aren't perfect- NONE. A 50 year old house has flaws. A 5 year old house has flaws. A brand-spankin' new house has flaws. There's a little bit of buyer beware to be had, and that's why a great home inspector should NEVER be overlooked.
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