Q: I was trying to buy a home in Academy Gardens, but after I went through the home inspection I was so disappointed. There were so many things wrong. I really wanted this house, but the repairs are estimated at $12,000. I have the option to cancel the contract, but I don’t know what to do. Should I just pay the seller’s price and deal with the damage?
A: The home inspection is a time to find out if there are any defects that would affect the value of the home, or if the buyer can handle the repairs and is able to budget accordingly. There are always many things wrong with every house. No home inspection comes back perfect.
I always tell buyers it’s not a pass or fail situation. It’s only about what you think you can handle. If the damage or defects affect the value of the house, then you should have your agent try to negotiate for the seller to do the repairs for you, or take money off the price of the house.
If that doesn’t work, and you can’t handle the cost of repairs, then you should try to get out of the contract. It’s not good to go into a situation you can’t handle. Check your contract or ask your agent if you are able to get out of the contract. As long as you adhere to the timelines and the contract, you may be able to get your deposit back.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.