The biggest reason to make your offer contingent on a professional home inspection is because it can help you avoid purchasing a home with hidden, expensive, and dangerous problems. An experienced Milwaukee home inspector knows what to look for and can uncover issues that may not be obvious to the untrained eye.
What are the biggest red flags in a home inspection?
- Sewer issues. Whether your home is new or old, sewer issues can arise for a variety of reasons.
- Faulty electrical. If the home you're looking to sell or purchase is older (built between the 1880s and 1970s), it could include dangerous electrical wiring.
- Drywall cracks.
What is an example of an inspection contingency?
Some home inspection contingency addendums will also have a dollar amount in which the buyer can terminate the sale and get their earnest deposit money back. For example, the contingency clause might say if it's determined there are more than $1000 in defects discovered during the inspection, the buyer can terminate.
Is it worth looking at a house that is contingent?
Owners whose home is in contingent status can accept a backup offer, and that offer will have precedence if the initial deal does not go through, so if you like a contingent property, it makes sense for you to make an offer on the listing so that you are in position to buy if something goes wrong with that transaction.
Can you put an offer on a house that is contingent?
If you're interested in a property that's listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line if the original deal falls through.