Buying or selling a home involves a lot of things, it also raises questions. In this column ‘Ask Bob’, real estate expert/broker Bob Bartikoski of RE/MAX Paradise Homes Bonaire answers a real estate question from a reader. This time:
Question: I have the report from the inspection of my house, what do I do now?
When you made an offer to purchase your new property, your purchase should have been contingent on the results of the technical inspection. Typically, this contingency allows the buyer to cancel the purchase agreement if the inspection reveals technical issues such as unseen or hidden problems with the house like leaks in the roof, plumbing leaks etc. that would cost more than, say for example, $10,000 to repair. If the costs are significant and you like the property, this can also be an opportunity to renegotiate the price instead of canceling the purchase agreement, or you could choose to accept minor defects and proceed with the purchase.
After you have decided what to do about the technical inspection then you will just have to wait for the bank to complete their process, and approve your mortgage. More about getting a mortgage next time.
Do you want to buy or sell a house in Bonaire, or do have a real estate question for Bob? email him at: [email protected]. Call for free from the US: 1-866-611-7362 or Bonaire: +599-717-7362. See all our listings here.