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Knowledge Base->Home Inspection->What is home inspection contingency

      An increasing number of homebuyers are opting NOT to include home inspection contingency in their contract to buy a property. They choose to waive their rights for a home inspection contingency to allow them to have the upper hand in multiple offer bid-war situations.
      Meanwhile, it would be favorable on sellers, especially of foreclosed homes, that offers made by buyers do not contain a contingency for home inspection because it is like selling their properties as-is.homeinspection8.jpg
      Without a contingency, buyers cannot require sellers to make necessary repairs, regardless of the house‚Äôs condition, that are not stipulated in the sales contract. Buyers cannot also void the contract even if the home requires major repairs upon purchase.
      Furthermore, with a contingency to hire a home inspection company, buyers can renegotiate the price for the property to offset the added costs for repairs to be done.
      Smart buyers will never pass up the option to perform a home inspection because they know that it would help them make an informed decision.
      The following is the least content of home inspection contingency:
  1. Do not rely on verbal promises. Allow 5 days for obtaining a home inspection report and 2 days to evaluate.
  2. Include a kick-out clause allowing you to walk away from the purchase with your deposit if the home inspection is unfavorable.
  3. Include a period of at least 3 days for you to evaluate a home inspection report before you must act to terminate the contract. This will allow some time for contacting repairmen for estimates, considering whether you still want to buy the home, and even re-negotiating the price with the sellers.

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