Buying a home is a wonderful part of life, but the entire home-buying process can also be time-consuming, lengthy, and overwhelming. One of the hard parts of buying a house is making sure the home is in good condition and that there are no major problems with it. Once you make an offer on the home you want, you may face these three problems if you discover there are major defects with it.
You might find out too late
The worst thing that can happen if you are buying a home that has major defects is finding out after it is too late. This would only occur if you went through with the final closing on the house and began moving in. If you then discovered a major problem, such as issues with the home's foundation, there might not be a lot you can do about it. You might have to pay for the problems to be fixed, and this type of problem can cost thousands of dollars to repair.
You might risk losing your earnest money
If you discover the issues before you have actually signed the final paperwork, you might be better off getting out of the contract. This would not be a problem if you had added a contingency to the purchase agreement that stated you could get out of the deal if a major defect was discovered before closing on it.
If you did not have this type of contingency on the purchase agreement, you will still have the right to back out. The only problem is that you will most likely lose the earnest money you put down as a deposit on the house.
You might have to start all over
Finding a major defect in a house is easier if you hire a company to perform a home inspection on the house, and it is always better to find this out before you close than after. If you find a defect before closing and decide to back out of the deal, the problem you will face is that you must start all over. You will again have to look at homes and find the one that is right for you. Although this will take you more time, it is a better option than purchasing a house that has a major problem.
If you would like to learn more about finding the right home for you, the best place you could start is by talking to a real estate agent in your area.