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Saturday, October 06, 2012

Home Buyer Tips: Inspection Contingency... a "get out of jail free" card?


Although I have not played it in some time I recall the board game Monopoly had a jail.  If you ended up in jail you had a choice of waiting so many turns or using a "get out of jail free" card.

 This has become a common metaphor for avoiding an undesirable situation or circumstances.

Although I am not a lawyer I understand the property inspection addendum used in Florida real estate contracts.

There is no pass or fail to a property inspection.  The property inspection is a matter between a buyer and the inspector only.

A word of caution about property inspection reports...The report can be pretty comprehensive and look, on the surface, to be much worse than it is because most inspectors includes facts about the property as well.

As a home buyer you should never ever ever offer to purchase a home without an inspection contingency.

Inspection contingencies... they may not be a get out of jail free card but they will give you a chance to did a little deeper!


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