Are Home Repairs Mandatory After a Home Inspection?
A home inspection is often the last step in the home-buying process, providing a snapshot of the condition of house on the date of inspection. The report contains a list of items that were inspected, not inspected, not present, and/or deficient. One question both buyers and sellers want to know: is the seller required to fix any deficiencies on the report?
It’s important to note that the home inspection report states whether deficiencies are present and repairs needed. Since it is not a legally binding document, the seller may choose to commit to fixing the problem, the buyer may choose to back out of the sale, or negotiations may take place to ensure satisfaction for both parties.
Issues That Should be Addressed in the Home After an Inspection
Homes with listed deficiencies may still be sold, but the following issues should be addressed first:
- Mold and water damage
- Pest infestations
- Electrical hazards
- Chemical hazards
- Roof damage
- Foundation damage
In other words, it is important for sellers to address any issues that make the home unsafe, present a structural hazard, or will be costly to fix. Depending on the issue, banks may even deny financing until the problem is fixed.
It is important for buyers to be aware of the above issues because some issues may not necessarily be worth walking away from a great home. For example, a broken appliance can be a deal breaker, but it is not necessarily the most expensive thing to replace. Generally, buyers and sellers can negotiate to see if and what the buyer is willing to pay to fix or concede. Real estate agents can also be an excellent resource in this process.