Why Consider a Home Inspection Contingency in Your Purchase Offer?

Did you know the buyer’s market is so intense these days that buyers are putting in some really over-the-top offers? Portland real estate agent Esty Perez recalls a bidding war where one party put in a bid over the asking price and sweetened the deal with added high-value cryptocurrency. In such a competitive market, you want to make sure you’re getting what you deserve as a buyer. That’s why a home inspection contingency is so important when you’re putting in an offer, big or small.

But what is a home inspection contingency exactly? And is it really worth the effort of adding it to your offer?

We’re here to fill you in. Keep reading below to learn why you should consider a home inspection contingency when submitting a home offer.

What Is a Home Inspection Contingency?

A home inspection contingency is a clause written into a purchase offer that allows the buyer to back out of the deal if the inspection goes poorly. Essentially, a contingent offer of any kind is one that’s dependent on the results of the specified contingency.

Benefits of a Home Inspection Contingency

A home inspection contingency allows you to evaluate any major or minor issues before you follow through with your purchase. This can be essential, especially in older homes where issues are often more prevalent.

A home inspection is often also required if you’re working with a loan provider. Most lenders won’t offer financial assistance without a completed home inspection.

A home inspection contingency also gives you a little more wiggle room to negotiate with the sellers. Once the report returns, you’ll have the chance to request repairs. For homes that have been on the market for a long time, this can be a great chance for them to make some snappy repairs and finally close the sale.

A home inspection contingency also gives you a chance to back out of the sale. After the pre-purchase home inspection has been completed, you’ll have the chance to withdraw your proposal within a certain window of time.

It will also give you more insight into what to expect when you’ve moved in. What repairs will you have to make on your own? What areas of the house can you leave alone and leave as-is?

Benefits of a Home Inspection Contingency

Buying a home is a stressful process, so to prevent any hiccups after the sale has closed, it’s important to add a home inspection contingency to your offer. With the guide above, you’ll be able to decide whether a contingent offer is right for you!

Looking for a qualified company to inspect your new home before purchase? The team at Central Florida Building Inspectors is here to help.

We offer everything from complete home inspections to thermal imaging to mold testing. Schedule an appointment with one of our state-licensed inspectors today to get started!

What are the 5 Benefits of Getting a Pre-Drywall Inspection?

America has faced an ongoing housing shortage for a while now. Chalk it up to a big falloff in new construction following the 2008 financial crisis. The big home-buying frenzy of the last few years only made it worse. So, it's not hard to understand why Americans...
4 point inspections

What are the Common Reasons for 4 Point Inspection Failures?

The average age of a home in the state of Florida is 34 years old.  Whether you are selling or buying a home or renewing your home insurance on an older home, chances are you will need a 4-point inspection in the near future. In some cases, an upcoming 4-point...
inspect your home

How Often Should You Inspect Your Home?

Owning a home is an investment. You have to protect your home so that it increases in value.  One way to do so is by maintaining it. This calls for more than just giving the interior a fresh coat of paint. You must inspect your home.  A home inspection is a great way...
sewer scope

Sewer Scope Inspections: Why You Need One

The EPA reports that household water leaks waste nearly 1 trillion gallons of water each year. As well as all the money you waste on water that you never use, the economic impact of water damage can be huge. If you have a damaged sewer, you face the risk of foundation...
va water test

VA Water Test: 4 Things You Need to Know

According to the Census Bureau, roughly 18 million Americans were military veterans in 2018. This figure accounted for roughly 7% of the adult population.  Americans find several ways to express their gratitude for veterans, and this appreciation extends to the...
Building Inspections

What Are The Most Common Myths About Building Inspections That You Should Know?

Building inspections make up a $6 billion industry today, which speaks to the importance of this skillset and service. Inspecting a building is a prerequisite to finalizing any purchase or sale, or opening it for business. Building contractors will go through their...
sewer scope

What are the 4 Benefits of a Sewer Scope Inspections?

Getting ready to buy a house? If so, here's a quick tip: make sure your home inspection includes checking out the sewage system. See, plumbing is one of those things that most buyers expect to work as intended. Unfortunately, this isn't always the case. A simple sewer...

What’s a GFCI Outlet?

What is a GFCI Outlet? A GFCI outlet is a special type of safety outlet that will protect people from electrical shock. GFCI stands for Ground Fault Circuit Interrupters. They are inexpensive and easy to install and are required by the NEC or National Electrical Code....
new construction home inspection

A Look Into the New Construction Home Inspection Process

Around one-third of houses for sale are new home construction builds, which appeal to many buyers. After all, new home builds offer various benefits, but they do not come without risks. So, how can you guarantee you find a dream home you can depend on? The benefits of...

What is a Double Tapped Breaker?

A double tapped breaker is found when there are two supply wires placed under one breaker lug or connection. This is found typically in the electrical sub panel breaker box and also can be found at the main breaker. Someone has purposefully installed an extra circuit...

Request Inspection

We perform thousands of inspections every year

Let our experience of residential and commercial property inspections in the Greater Orlando area work to your advantage!

Click Here To Schedule Online