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Saturday, June 26, 2010

Property Inspections – What Do You Do About the Results?

In Brevard County, Florida (and most places I am sure) any offer to purchase real estate usually contains at least a couple of contingency clauses.  At a minimum the clauses cover the ability to obtain financing as well as a property inspection.

Even if a property is listed for sale "as is" [no repairs to be made by seller] an inspection is still recommended. 

By inspection I mean hiring a competent professional home inspector (termite/wood destroying organism inspection may be a different company).  I often provide my clients with a list of inspection companies as well as invite them to search on their own.

Once an inspection is conducted most inspectors provide a written report with digital photos of each area of concern.  In some cases issues are pointed out as "for your information" while others identify serious structural, functional or safety issues.

At this point a buyer needs to decide if repairs are worth the effort or walk away.  If repairs are requested the repairs should be completed by a licensed professional appropriate to the issue (roof then a roofer, etc).  Sometimes a seller may do the repairs in a case where it is a minor issue.

If the issue is not too serious I prefer a monetary credit as it allows the buyer to have it done to their satisfaction by whomever they prefer.

Regardless of who does the repairs I always recommend the the inspector come back before closing to see the repair as well as ask for copies of receipts.

Gary L. Waters PLLC, Florida licensed real estate agent (Realtor), Century 21 Baytree Realty, Rockledge, Florida.  Call me at 321-693-3850 or email me if you are in need of any real estate services in Brevard County, Florida.

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