"Caveat Emptor" (Let The Buyer Beware)!

Caveat Emptor (let the buyer beware) "A warning that notifies a buyer that the goods he or she is buying are "as is," or subject to all defects.

Why is it that so many buyers by pass the home inspection one of the most important steps in the home buying process. While it is true getting a home inspection is not a mandatory step it is however a crucial one. Skipping this process can potentially put you in the hot seat with no recourse.

Buyers and sellers each have a duty in the home buying process. One of the duties of the seller is to notify the buyer of any serious defects. If the information being held by the seller would affect the buyers decision to purchase the property than the seller should inform the buyer.This allows the buyer to decide if he/she wants to move forward with the purchase of the home. The disclosures is similar to a history report for the home. If the seller has made any alterations structurally to the property, if there was past flooding, a new septic tank installed, then all of this information would be written in the disclosures and given to the buyer prior to the sale of the home. The buyers agent and the buyer would review the disclosures together and make a note of each area of concern.

(*Caveat Emptor)- These two Latin words sum up one of the duties of the buyer. The buyer should do everything in his/her power to make sure this is a good investment and not a money pit. The buyer is able to do this during the due diligence period in the contract. A reasonable due diligence period is anywhere from 7-14 days. In this time period the buyer is able to get an inspection (preferably by a licensed inspector). Have the inspector check every inch of the home from the attic to the crawl spaces. Check to make sure there was no past flooding and the basement doesn't show signs of excess moisture. A well versed inspector will already have a checklist that he/she uses. Do a Radon and mold test if that is a concern of yours. You can even have a survey performed to make sure the land being sold has no easements or encroachments. All of these test are at the buyers expense, however a little upfront cost may save you a lot on the back end. The great thing about the due diligence period is if you find something wrong with the home that is beyond repair or the seller is unwilling to fix the problem you are able to terminate the contract. As long as you are still within the due diligence period and adhering to the terms of the contract.You wouldn't buy a car without test driving it first right? Why would you gamble with one of the biggest most important assets you will ever own. Don't be Sorry be Savvy!!

If you have questions about the home inspection process Henerohe Home Inspections is a great company to talk to. To get there information give me a call or go to my website at http://www.garegallery.com/