Buying a new home is exciting; however, that excitement can soon turn to anguish once you move in and discover that the home you purchased has problems that were not disclosed by the seller. While sellers may be required to disclose some items when the home is listed, there are far more things they are not required to disclose. Most of these may be cosmetic; however, there are times when major repairs are necessary to fix items that the seller did not disclose or may not been aware of at the time of closing. In order to protect yourself when searching through the Chicago houses for sale, consider paying for a home inspection.
For example, if you searching for houses in Schaumburg and you find one that you are interested in purchasing, discuss with your realtor the advantages of stipulating a home inspection in the contract for purchase. The home inspection will be performed by an independent third party who will inspect the home’s construction, major systems and appliances. Most home inspections are very thorough and cover everything from the foundation to the roof. They check the electrical and plumbing systems to make sure there are no problems.
After he completes his inspection, the home inspector will issue a report listing his findings with a list of suggested repairs that he feels are necessary. Your realtor will review the home inspection report with you and give you advice about what repairs you should request that the homeowner make prior to the closing. Most contracts for purchase have a section to stipulate as a condition of sale that the homeowner will make repairs required by the home inspection up to a pre-determined monetary figure. If the repairs exceed the amount listed in the contract, either party has the right to terminate the contract for purchase.
One word of caution - - homeowner may try to make the repairs themselves or hire people who may not be qualified to make the repairs but will do them for little money. As a condition of your contract for purchase, you may want to consider adding a clause that any repairs made pursuant to the home inspection will be re-inspected by the same inspector to assure that they have been completed correctly. This will protect you from homeowners that will try to cut corners to save money on repairs.