Mistake #2: Failing to Get a Professional Home Inspection
Home inspections are critical for knowing what you’re buying. Water damage, mold, electrical and plumbing problems, and problems that lurk in dark places are unknowns that an inspection can protect you from. In one case, Steve and Tiffany were so excited to find the charming brick bungalow on a tree-lined street.
They drove the area often looking for one of the cute 1950s homes that lined the wide streets. Their excitement soared as they walked through the home, noting all the wood trim and the spacious floor plan. It was exactly what they were looking for: a home where they could strip off the layers of paint and wallpaper and restore it to its former charm.
They made an as-is offer that was accepted and a closing was scheduled in four weeks.Since these buyers were able to come up with 20 percent down, they opted to finance conventionally to avoid PMI costs.
The appraisal came back at the sales price and all looked good for a smooth closing. The sale closed and Steve and Tiffany started to move in. However, it didn’t take long before problems started popping up. The gas company tagged the furnace because the service tech suspected it had a cracked chamber and the vent pipe was too close to a wood joist.
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