Inspection Contingencies

February 5th, 2008

One of the single most important considerations when purchasing a home is knowing the physical condition before you remove your contingencies. The current version of the California purchase contract provides a buyer with an unconditional “OUT” of the contract at any time before they remove their inspection contingency.

An inspection contingency time period is for more than an inspector to look at the home (though that’s VERY important.) It is also the time for you to do all the research necessary to determine if there is ANY reason you do not want to move forward with the transactions. Things like crime reports, school information, access to transportation, tax rates, insurability, feng shui etc. Heck, you may just want your parents to take a look and give you their blessing.

A property does not need to be in perfect condition in order to be saleable. I have sold many homes with severe issues and defects. It’s OK to buy a piece of junk if you want to. Just as long as have a well informed understanding of what you’re buying.

 

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