![]() ![]() ![]() ![]() Occasionally (and most commonly in a very competitive sellers market), buyers may waive their right to an inspection in order to make their deal more appealing to the seller. What is a home inspection report contingency? Is it common?Ī home inspection contingency is an addendum to the offer contract that allows the buyer to conduct an inspection and then back out of the deal if they are unsatisfied with the findings. Most buyers request a home inspection when buying a home so they can avoid spending thousands (or more) in unexpected repairs after closing, and to protect themselves from overpaying for the property. The result is a home inspection report, which details the current condition of the home and alerts buyers to any major issues. Performed by a licensed professional home inspector, a home inspection is a comprehensive review of the home that's for sale, based on a visual evaluation and testing the home's systems and components. FAQs: Home inspection for real estate What is a home inspection? After all, among sellers who had a sale fall through, 15 percent were due to the buyer backing out after the inspection report. And many end up requesting repairs or concessions after getting the inspection report back.Īs a seller, it's important to prepare yourself for the home inspection process, and to know how to negotiate after a home inspection if it comes back with some not-so-great news. Almost all buyers request a home inspection when they submit an offer on a house. ![]()
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