Employ A Chicago actual Estate Attorney
And your heart is set on this home you want to purchase. You have taken the right step to contract an independent home inspector to examine it. But you have the fear that he is going to find problems, since it is his job to do such. What if they result in major issues?
Your emotions are running high for this house, but you face the difficulty of remaining clear minded. For when the unpleasant surprises arise, you do not want to panic. You've hired your inspector to find what's right and wrong with the home, and you need his objective perspective.
First, it would be a great idea to walk through the home with your inspector as he does his job. Stay out of his way, but talk things over with him. Be sure to ask questions. Write down things. This is a way for you to have additional information to compare to his final report.
It is a potential situation that you may walk away from the home if problems are discover that are beyond repair. An example would be if the house sat on a fault line or flood plain. It is possible that the foundation could have a severe crack larger than an eighth of an ince. Or possibly the water supply has been contaminated by a local landfill.
Another aspect are that some problems are serious but have the potential to be fixed such as a destroyed septic system. You will have to determine if you will want to spend the large bucks to have something like that rebuilt or repaired.
Of course, it would not be smart to fix every problem. The house may not be worth it. Nevertheless, this would depend on the housing market and the value of the property.
Even though significant problems are discovered, but you desire to have the property in light of. The good advice at this point would be to negotiate a lower price with the seller in order for you to cover the repair costs. Be sure to get two or three estimates on a project so you can carefully negotiate a settlement before closing. Locate you own contractor to do the work, so youknow it will be perfromed to your satisfaction.
On the other hand, you consider that the home's problems are past repair. In this situation, you should have the opportunity to remove yourself from the deal as long as the home inspection contingency iw written correctly. You still should be prepared to comply with the terms of your contract. Notify the seller of the problems with the home and your decision not to go through with the purchase.
If you live in a state that chicago real Estate attorney estate transactions are handled by real estate attorneys, you will have your attorney write a letter specifying the details as to why you are backing out of the contract. On the other hand, make sure to send the necessary documentation to the seller to get out of the deal and retrieve your money back. You could lose any money you've put toward the home purchase if you don't comply with the terms of the contract.
You could have the chance to walk away from the deal if it is found during the home inspection that the seller has misrepresnted the condition of the house. In some states the are seller disclosure laws allow you, the buyer to obtain documents from the seller which discloses the known problems with the home. You can get out of the deal if the disclosure didn't disclose items that you find before the closing.
Seller disclosure laws vary from state to state, so you will need to keep that in mind. But it's possible that if you don't discover problems until after the closing or settlement, you might be able to sue the seller for damages and get back your attorneys fees. You should find out if this applies where you live.
remember that no house is perfect including the newly built homes. Because of your initial home inspection, you can think clearly about what you want to do and how you plan to negotiate a solution to the problem. Whatever you decide about the home when major problems show up, where would you be without that all important home inspection to show you the home's true condition?