Buyers Beware!!!
New trend buyers are scratching out the Home Inspection clause in their agreement of purchase.
There seems to be a new trend starting where buyers are scratching out the Home Inspection clause in their Agreement of Purchase. I have heard recently of two cases where the buyers will now have thousands of dollars in repairs because they didn’t have the Home Inspection as a condition. Both cases have had a Home Inspector come in after the deal was firm and some major problems were found.
One home had Vermiculite that tested positive for Asbestos and because he will be renovating he will have to havethe Vermiculite removed and air quality testing done to check for Asbestos particles in the air. He could be faced with $10,000 to $20,000 in expenses that he didn’t plan on.
The second home had two issues; efflorescence was noted in the basement along the bottom of the basem
ent wall. This could be a blocked or collapsed weeping tile. Either way it will probably have to be excavated from the exterior, repairs could be $5,000 to $15,000 depending on what is found. The other issue was that the furnace was close to 30 years old. This buyer didn’t realize how old the unit was. When the unit breaks down and ends up being replaced he will have to go with a high efficiency furnace that is vented out the side of the home; because of the location of the furnace, part of the dry-walled ceiling will have to come down in order to run the new exhaust pipe, another $5,000 that he wasn’t expecting to spend.
We understand that the market is dictating Home Inspections be scratched out to make the Agreement cleaner and more attractive to the seller but, buyers are putting themselves at risk. I would suggest having the Home Inspection prior to submitting your offer, this way you know what you are getting and what to expect.
