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"The decision to buy and own a home is undoubtedly a wise one; however, there are laws in place to increase the chances that the purchase does not turn out to be a regretful one."
FREDERICK, MD, April 01, 2022 /24-7PressRelease/ -- According to Redfin, a real estate brokerage, the number of successful offers skipping an inspection increased by 5.9% between 2020 and 2021. Buyers are willing to waive several contingencies, especially home inspections prior to purchase, to assure sellers that the deal can be closed with little to no challenges.
When it comes to buying a home or investing in real estate, this rush can result in buyers making decisions they later regret. Typically, such choices lead to buyers' frustration when they discover problems with the property they purchased that could have been detected and handled during an inspection.
The Aftermath of Avoiding Inspections
Rebekah Lusk, Owner at Lusk Law, LLC advises against such decisions, as buyers are left bearing the full cost of property repairs that they could have discovered through the inspection process.
"Purchasing a property is caveat emptor or buyer beware; therefore, you need to learn everything you can prior to the purchase, otherwise it could cost you a lot of money after you purchase the house," says Lusk. "If there is a problem you didn't know about or repair that is needed, it can be very costly if your legal rights have not been protected."
"Like any other important, life-changing decision, a real estate purchase should not be made in haste, and individuals can make the most out of their purchase with the services of an attorney," Lusk says.
More Buyers Are Overlooking Property Inspections to Increase Their Chances of Winning Offers
The problems from ignoring inspections during the real estate purchase process can vary from a pest infestation to faulty aspects of the property that require repair or replacements.
Whether it is a structural problem, an issue with plumbing or faulty electric wiring, expenses to fix them can be high.
Some faults are easy to miss when a buyer tries to inspect a property on their own. A thorough inspection can detect serious problems before they become the buyer's headache.
Buyers Should Take Advantage of Inspections to Have Better Negotiations
Lusk says an inspection contingency is included in the sales contract for buyers to get an expert's report on the condition of the property prior to finalizing the contract. Based on the findings from the report, both parties can review the agreement, and negotiate any changes to the sales contract.
"An inspection is beneficial to the buyer, as they can renegotiate the cost and other aspects of the real estate purchase from the conclusions of the report," Lusk says.
She adds, "With the aid of an attorney, buyers can review and improve their contract without skipping the inspection. Not only will this give more insights into the property, but it can also help them move on to another property if damages discovered are too much to bear."
About Lusk Law, LLC: Advocates for Life's Obstacles and Opportunities
With vast experience and proactive expertise across numerous areas of the law, including real estate and business planning, Lusk Law, LLC provides highly ethical counsel that is personalized to the client's case. Serving clients in Frederick, MD, and surrounding counties, the professionals at Lusk Law, LLC actively protect clients' rights, handling each case with effective communication that builds an attorney-client relationship centered around trust and respect.
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