In North Carolina, Home Inspections can make or break a contract, so we thought we would approach this subject from 50,000’, as this tool is as important as any in your selling or buying a home here.
Under Buyer’s Due Diligence Process, the Offer to Purchase and Contract is one of the most important statements of our entire Offer to Purchase and Contract.
The Property is Being Sold in its Current Condition
What does this exactly mean?
- Buyers are permitted to secure a Home Inspection providing the Seller agrees on plus an agreeable time to arrange for the inspection.
- The Buyer pays for the cost of the inspection. Prices range from $400 – $700 for average homes.
- The Seller is NOT REQUIRED to do any repairs.
- The Buyer CAN NOT demand that a Seller perform the repair.
- However, depending upon market conditions, many Sellers will perform “some and perhaps all” repairs at the Buyer’s request. The Sellers do so because they are proud of their home and don’t desire to upset the Buyer and potentially lose the deal.
- Repairs are 100% negotiable in North Carolina, providing you have two parties willing to negotiate.
- With such a strong Sellers’ market over the past 12 months, many Sellers refuse to do any repairs.
- When you receive your inspection report, you should divide the suggested repairs into two categories:
- Structural: items such as broken floor joist, roof issues, warped hardwood floors, etc.
- Cosmetic: lousy light bulb, stained carpeting, stuck windows, piece of siding missing, etc.
- Almost anything structural you will want to ask for the Seller to address.
- Generally, it is advisable to ask for the essential cosmetic issues to be addressed.
- Occasionally, a seller will agree to the repairs but provide the Buyer with approved credit at closing (so that the Seller doesn’t have to do the repairs).
- In NC, your buyer’s agent will speak with you about a Due Diligence date, which is when the Buyer should have their loan agreed to by then and have the inspection report back from their home inspector. Typically, the DD date is about 30 days from executed contract.
- The agreed-upon repairs must be completed by the closing date.
- Most home inspectors are not experts on HVAC, pools, or termites. They will have the HVAC and casually look for infestation; however, it is advised to secure your pest inspector if the home inspector finds any evidence of their existence or if you just want to be extra careful.
It is strongly recommended by Carolina Plantations that Buyers secure an independent home inspection on NEW HOMES. Builders get busy the last week of construction of a home and tend to miss many items – and that is not as much of a negative reflection on the builders as you might think. Be safe and get a home inspection on all spec homes and custom-built homes.
Investing in a home inspection for any product, new or old, is truly a no-brainer. You deserve to know any issues with a home you’re considering purchasing. If there is too much wrong, you should seriously consider terminating your contract and focus on finding a healthier home. We at Carolina Plantations are ready to get you started on your search for your Coastal Carolina home today!