One essential piece of advice I give every West Knoxville or Farragut buyer is: get a home inspection. You wouldn’t buy a car without kicking the tires and taking a look under hood. So when you by a home [which is an even larger investment], you most definitely want to have a home inspector take a look around. This advice is particularly true for buyers who are thinking about purchasing a West Knoxville or Farragut short sale. In Part III, of this five part series, titled, “How To Buy A West Knoxville Short Sale,” we look at the importance of getting a home inspection on a short sale property.
A home inspector will examine the home and give you a report of their findings. The depth of the report depends on your home inspector. Generally, a home inspection will take about two to three hours. As a home buyer it is important that you attend the inspection. That way, if you have any questions you are able to ask them and know first hand what the inspector found.
During a home inspection, a home inspector will note if problems are a safety issue, major problem or minor problem. They will note what items need to be replaced and what needs to be serviced. They will be also able to tell you what items may need to be monitored in the future. A home inspection will examine aspects on the interior and exterior of the home. On the exterior, they will examine the roof, foundation, garage, grading, and exterior walls. On the interior, they will examine plumbing, electrical components, heating and ventilation, appliances, and fire safety. One important thing to note, is that home inspectors are generalists, meaning that they are trained to identify potential problems but may not be able to tell you the actual problem. For a better understanding of issues found during an inspection, a home inspector will refer you to an expert so they can give you a better idea of the problem and the cost of fixing the problem.
So why is a home inspection so essential if you a buying a West Knoxville or Farragut short sale?
Like foreclosures, short sale homes are not always maintained to the level of traditional homes. In many cases, if someone is having trouble making their mortgage payments, they would be unlikely to make necessary repairs or preform necessary home maintenance, which means a short sale could come with a whole array of issues. In a traditional real estate transaction, if there are issues found during an inspection, it can be possible to negotiate with the seller about completing the repairs. In short sale, the lender is unlikely to negotiate with a buyer about repairs, since the buyer is already getting a lower price on the home. This is why it it so critical for buyers to get a home inspection on a short sale. As a buyer, even though you’re getting a great deal, you want to make sure the great deal doesn’t come with more problems than it is worth.
Are you considering buying a West Knoxville or Farragut short sale? If so, please do not hesitate to give Knoxville Home Team a call. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be reached at 865-696-1888 of via email at [email protected]. Knoxville Home Team has successfully negotiated many short sales as well as helped guide many buyers through the process, we’d be more than happy to help you find the right bargain for you! In Part IV of this series, “How To Buy A West Knoxville Short Sale,” we will explore the importance of looking past the bargain and making sure the home is a good investment.