What might cause a property I bought to fail an inspection?

On Behalf of | Nov 16, 2021 | Commercial Real Estate Leases, Real Estate Transactions | 0 comments

For many Americans—perhaps including yourself, moving to Florida and buying a retirement or a vacation home in Hollywood, is the fulfillment of a lifelong dream. With a tight housing market and multitudes trying to relocate to the Sunshine State, just getting a contract for a home on the Gold Coast can be quite a feat.

Occasionally, however, a real snafu arises when your new home does not pass inspection.

What might cause a structure to fail an inspection?

There are a number of things inspectors check for to make sure a home is suitable for purchase without requiring extensive repair:

  • Hazardous substances like mold or asbestos
  • Damage from the elements, such as rotted wood or a leaking roof,
  • Pest problems, such as termite or rodent infestation
  • Cracked foundations or other structural issues
  • Water issues like poor drainage or leaky plumbing
  • Heating and air conditioning problems or electrical issues

What is your recourse after a failed inspection?

Many different flaws can result in a house failing to pass its inspection. What can you do if you just bought that inadequate dwelling? A failed inspection that would require significant financial repair means first of all that you do not have to go forward with the purchase. If you still want to buy the house, it can also mean that you and the seller enter into a negotiation over who covers the cost of the repairs.

Above all, the discovery of inspection problems with your dream home may create a delay in the closing process. This implies prompt repairs and gives you time to decide if you want to go forward.