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!

Pre-drywall inspections

4 Reasons Why You Need Pre-Drywall Inspections

Imagine it, you've hired a company to build your new home, and everything is in place except the drywall. You want to be done, to have the last layer put in place so you can relax in your new home. Yet, rushing to get drywall on can be a mistake.  For example, over 35...
balcony railing inspections

Why Should You Never Overlook Having Balcony Railing Inspections?

From 2001 to 2016, there were 239 balcony collapses in the United States. This resulted in more than 4,600 emergency room visits. You often hear news stories about tragedies involving people overloading balconies. But you may not know that railings not up to code are...
mold inspection company

Everything to Consider When Hiring a Mold Inspection Company

Did you know mold can make its way into your house through open doorways and even via your pet? Mold in Central Florida homes is more common than you realize. If you think you have signs of mold in the house, it's time to call in the experts.  But finding the right...
water testing

Why Is Water Testing Required for Loans and Refinancing?

If you're looking to buy a new home, water quality is likely not high on your checklist. The water supply at your new property must be safe and sanitized. You can use a VA, FHA, or USDA loan to buy property if you are a prospective homeowner in Central Florida. When...
signs of radon

4 Signs of Radon You Should Never Ignore

You know that your home needs a fire detector and, in some cases, a carbon monoxide detector. These are critical, life-saving technologies, but did you know that you might still be at risk from another dangerous gas?  Radon gas is a form of radioactive gas that comes...

Everything you Need to Know About a Home Inspection

CFBI has collaborated on a blog entry for Redfin. Check it out here: https://www.redfin.com/blog/thing-to-know-about-home-inspection/
balcony railing

Why Every Building Owner Should Lean Into Balcony Railing Inspections

A balcony may look sturdy, but how can you know for sure if it has not been inspected? According to the Consumer Product Safety Commission (CPSC), over five years, a quarter of a million people were injured due to balcony failures in the US. 15% were due to balcony...
sewer scope inspection

What Happens During a Sewer Scope Inspection?

It is estimated that over $300 billion worth of pipes need replacement across the nation during the next decade. Some existing sewer pipes are up to 150 years old. If you are buying a home, you need a sewer scope inspection to make sure the integrity of your home's...
commercial property inspections

What to Expect During Commercial Property Inspections in Florida

The commercial real estate market in Florida is on fire. In fact, the top 10 commercial real estate sales sold for more than $820 million. Investors are taking advantage of interest rates hovering near record lows. Major buyers like Amazon are active in Florida. The...
termite control

Termite Control: 7 Signs Your House May Have Termites (And What To Do About It!)

If you’re having a little pest trouble at home, you’re among the 80% of homeowners in the country concerned about pest infestations. Sometimes you may have a pest infestation, and you don’t even know it, especially if you have termites. It’s no wonder we call them the...

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!