Should You Accept the Previous Buyer’s Home
Sometimes a home falls out of contract. Most buyers assume that it is related to a
bad home inspection, but there are many reasons for a home to come back on
the market that are unrelated to the condition of the home. During the
contingency period, most buyers can cancel for almost any reason – or even no
reason. So should you accept the previous buyers home inspection?
Of course, the listing agent and seller are motivated to get the home back under
contract as quickly as possible and may offer the previous buyer’s home
inspection report to the new buyer. Some may even ask that the new buyer
remove their right to a home inspection, based on the one they offer.
If you have been offered the previous buyer’s inspection report, you’re probably
wondering if you should accept it and remove that contingency. In a fast-moving
seller’s market, it might be tempting, but before you accept the report, there are
a few considerations:
• Before accepting the inspection, do your research. Who did the inspection?
Is it a reputable, licensed home inspector? Check public review sites for
comments and customer satisfaction. Check their license with the issuing
board and see if they have had any violations or suspensions.
• Once you verify the company, give them a call. Make sure they have
performed a comprehensive inspection. Many companies offer both a
comprehensive and a simpler, cheaper, visual inspection.
Check out this Check list for buyers it will assist you in an idea of knowing what you should be looking for: https://www.opendoor.com/w/guides/home-inspection-checklist-for-buyers.
• Finally, read the report carefully. If there are issues discovered, ask for
clarification and consider paying for the inspector to meet you at the home
to discuss the report in person with you.
Accepting the home inspection might seem like a good idea – both to make your
offer more appealing to the seller and to save a few dollars – but before you
remove the home inspection contingency, do your homework. Make sure you
understand the real condition of the property before you buy it.