When you are buying a home, you will want to have a home inspection report contingency in place. This allows you to have an inspector come to the home to identify any problems with the structure. Then, they will give you an inspection report, which you can use to decide if you’d like to go forward with the purchase.
For most buyers, the contingency in place states that if the home inspection comes back with too many issues, they have the right to walk away. A bad inspection doesn’t mean that you necessarily want to avoid the purchase though. It could be used as leverage to help get you the home you want at a better price.
Why would you opt to purchase a home with a bad home inspection?
There are times when you may want to purchase a home with a bad inspection even though there are areas in which the property failed. For example, if the property has a list of a couple of repairs that you are confident that you can complete, you may agree to purchase the home for a significant reduction in the home’s price. This could let you get the home you desire on a much smaller budget and give you an opportunity to make repairs that will quickly increase the value of your purchase for resale in the future.
Whether or not the home inspection results stop you from making a purchase will depend on what those results are and if you’re confident in making repairs to the property. The seller may also offer to make at least some repairs, which is something to consider before walking away from the sale.