Buying a Home? Make Sure Not to Waive These Contingencies

Thanks to low inventory and high demand, competition for property has never been more fierce. And in response to the ultra-competitive market, some buyers are waiving their contingencies to make their offers more attractive to sellers.

But no matter how hot the market is, there are certain contingencies you should never waive. A recent article from realtor.com outlined the contingencies buyers should never waive during the home buying process (even in a seller’s market!), including:

• Home inspection. The home inspection gives you key insights into the condition of the home and any necessary repairs or improvements that need to be made. The home inspection will also alert you to any red flags that the house isn’t what it appears (for example, issues with the foundation)—which is why you should never waive it.

• Mold remediation. Mold can cause a host of health issues—and if your home inspection reveals that there’s a mold problem, you may want to ask the sellers to take care of it before you move in. Otherwise, you could find yourself dealing with the stress and expense of getting mold removed down the line—or, even worse, managing adverse health effects as a result of the mold issue.

• Appraisal. If you have a mortgage, you should never waive the appraisal. Otherwise, if the home appraises for less than the purchase price you agreed to, your bank may only cover the amount the home is appraised at—and you could find yourself on the hook for the difference.

The Takeaway:

Bottom line? Waiving contingencies might make your offer more attractive to buyers, but it could translate to a disastrous home purchase—so make sure to keep your key contingencies in place.

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A Bit About Mold

There are a number of little things to look out for when purchasing a new home. Normally the things to consider includes such things as location, wiring, the condition of the house itself, and several other factors. One of these factors that the home buying public is becoming more concerned with is mold. There are many different types of mold that can occur in a home and lead not only to structural damage, but some health concerns as well. Mold is difficult to find in many homes as it grows exclusively in dark and moist areas that are usually hidden somewhere in the structural areas of the home such as attics and basements. By the time mold shows up in the actual living areas, chances are that it is all through the home.

One of the most likely places for mold to form is anywhere that moisture is improperly vented. Another area of concern is if a home has ever flooded and was not completely or properly cleaned and dried after. Leaky plumbing and basement crawlspaces are other likely candidates. Mold can be a difficult thing to completely get rid of as the only thing it needs to continue growth is an organic material such as wood, and moisture. Both of these items are usually abundant in any home. The most likely was that moisture finds its way into the home is through faulty or leaky roofs and foundations. Both of these areas should be checked over by an experienced mold inspector on a fairly regular basis if there is any worry of mold beginning to grow, or if these has been mold in the past. Mold can be an expensive problem to deal with so be pro-active about looking for it, it can save you money in the long run.

Mold is one of the inspections you will have when purchasing a home.  Finding a good inspector will be one of your top priorities when buying a home.  Contact Laura Key today to learn more about the Steps to Buying! www.KeyCaliforniaHomes.com

Realty Goddess