When a Home Buyer makes an offer on a Lehigh Valley Home IT IS common to make the offer Contingent on Property Inspections.
The Pennsylvania Agreement of Sale includes defaults for many inspections but the most commonly requested are:
- Property Inspection - A complete inspection of the home including electric, plumbing, structural, roof and pretty much everything with the home itself. If the home has any detached structures such as a garage or other out-building the home buyer should let the inspector know whether to include every structure on the property.
- WDI Inspection - Wood destroying insect inspection. Includes termites, powder post beetles, carpenter bees/ants.
- Radon - Are Radon gases entering the home through the basement or slab?
- Water Test - Typically done when the property has a well versus public water but the test can include checking for Ecoli, Lead, Pesticides...etc.
- Septic Inspection - A septic system can run thousands of dollars to replace. Are the tanks and filters working correctly as well as the in-ground system or sand mound?
There are other inspection contingencies but the above are the most common. Some of the others are Deed Restrictions/Zoning, Survey, Lead Based Paint Testing.
The Low Inventory of Homes For Sale in the Lehigh Valley is causing multiple offers. Potentially Highly Qualified Home Buyers are losing homes even though offering more than the List Price.
A common reason for the Buyer not getting the home is: The Seller accepted an offer with no inspection contingencies.
Can you, as a Lehigh Valley Home Buyer, make an offer on a home and Waive all of the Inspections?
A while back someone said to me "You know, any problem with a home can be fixed".
For most cases, they are probably correct but at what cost?
I've seen a septic system cost $35,000. Sink hole damage to a basement run $80,000.
As a result, I can't advise waiving inspections in order to purchase a Lehigh Valley Home with or without multiple offers.
When buying a used car you may take it to your mechanic to check it out. Are you willing to spend potentially hundreds of thousands to purchase a home without a professional looking at it?
Depending on your financial situation are you willing to take the risk?
For all of your Lehigh Valley Real Estate Information visit www.lehighvalleyhomesonline.com.
