Home Inspections - Houses Do Not Pass or Fail an Inspection
Home inspectors are usually hired and paid for by the buyers here in Texas. The inspectors can come across all types of problems:
Serious Roof Leak
Electrical & Plumbing Problems
Termites and more
Many times the homeowner is unaware of an issue until he or she decides to list the house for sale. A buyer makes an offer on the house contingent on an inspection or the lender requires an inspection report especially with an FHA or VA loan. The inspector uncovers a serious problem with the house and the deal can fall apart.
Once a Seller is made aware of the problem(s), in Texas they are required to disclose the problem(s) to all future perspective buyers in a Sellers Disclosure.
It can be very hard to find a retail buyer for a home with a serious problem. I can help if your home has a serious problem. Visit www.karmic48.com for more information. I work with investors that can overlook many of these problems to get you the most for your home here in Central Texas.
Houses DO NOT Pass or Fail an Inspection. The Inspector is simply required to point out the problems with the property, the buyer then studies the report to make a decision to:
move forward and close the deal with out repairs
ask for repairs to be made in order to close the deal
or back out of the deal
A finicky buyer may back out of a deal for a very small reason and a star struck buyer may go forward even when there is a serious problem with the house. A third possibility is the Lender for the buyer may baulk at the inspection. The inspection may reveal that the foundation needs structural repairs estimated to cost $15,000. The seller and buyer may or may not strike a deal, even if the seller and buyer strike a deal the lender may refuse to loan on the property effectively killing the deal.
Now the seller is faced with coming up with the money to repair the problem, $15,000 or sell the property to someone like KarMic 48 at a discount. An issue like the foundation makes it very difficult to sell a home on the retail market.
Buyers also need to have a survey performed because Title Insurance will exclude coverage on anything that a survey would have revealed. Some problems that a survey would reveal can be small and corrected easily, others can be very costly. For example, a fence over a property line can be moved, however a driveway on the neighbors property might mean the owner has no way of driving up to the house, at least not without building a new driveway.
A pool built over a set-back or over a property line can be a serious and costly problem to correct. If part of the house is built over a set-back line or across a property line, the current owner better hope the other property owner is willing to sell that part of his or her property for a reasonable price.
These issues may or may not kill a real estate transaction, however it will put it into question. These are all issues as a seller and a buyer you need to be aware of.