What is a Home Inspection Contingency?
Real estate agents often build home inspection contingencies into their clients’ contracts. But what are they, and how does this type of contingency affect you?
What is a Home Inspection Contingency?
A home inspection contingency is a condition that real estate agents often include in their clients’ real estate purchase contracts. This condition says that if a home inspector discovers major issues with a home, the prospective buyer can change their mind about the deal and walk away.
Most buyers do hire a home inspector. It’s just smart to do so, because without a professional opinion on a home, buyers can’t really know what they’re getting into.
What Happens if the Home Inspector Finds Major Issues With the Home?
An inspector’s job is to examine all the major components of a home and look for issues that may affect the buyer’s enjoyment of the space, cost the buyer money to fix, or make the home uninhabitable. After an inspection, the inspector turns in a detailed report to the prospective buyer.
Buyers usually use these home inspection reports to negotiate with sellers. Whether the issues on the report are minor or major, buyers can ask sellers to lower the price, repair the issues, or offer them a credit so they can repair the issues themselves.
If an inspection report shows major issues that a buyer considers to be deal Breakers, the buyer can walk away from the transaction without penalty.
What Happens to a Buyer’s Earnest Money Deposit?
If the buyer’s real estate agent has built a home inspection contingency into the real estate purchase contract, the buyer can walk away with their earnest money deposit. In this case, the seller does not get to keep the earnest money.
938 E Jasper Dubois Road Jasper, Indiana
5 Beds 4 Baths 5,700 SqFt 6.100 Acres
Listing courtesy of Kevin Bayer from RE/MAX Local.
3289 St Charles Street Jasper, Indiana
4 Beds 4 Baths 3,906 SqFt 0.595 Acres
Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.
1928 S A St. Jasper, Indiana
3 Beds 4 Baths 3,376 SqFt 6.258 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
5070 W Alder Creek Drive Jasper, Indiana
4 Beds 3 Baths 4,208 SqFt 1.500 Acres
Listing courtesy of Stephanie Hasenour from RE/MAX Local.
4536 W 150 N Jasper, Indiana
4 Beds 4 Baths 2,986 SqFt 1.482 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
1525 Grandview Drive Jasper, Indiana
3 Beds 3 Baths 4,132 SqFt 0.354 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
3237 Dogwood Drive Jasper, Indiana
3 Beds 4 Baths 4,326 SqFt 0.675 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
247 N Westlin Drive Jasper, Indiana
3 Beds 3 Baths 2,849 SqFt 0.999 Acres
Listing courtesy of Annette Wigand from ERA FIRST ADVANTAGE REALTY, INC.
836 W 20th Street Jasper, Indiana
3 Beds 3 Baths 4,376 SqFt 0.590 Acres
Listing courtesy of Elizabeth Mehringer from RE/MAX Local.
1245 W 6th Street Jasper, Indiana
4 Beds 3 Baths 3,610 SqFt 1.300 Acres
Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.
872 S Countryside Drive Jasper, Indiana
3 Beds 2 Baths 3,498 SqFt 2 Acres
Listing courtesy of Linda Schroering from CENTURY 21 SCHROERING REALTY.
3255 E State Road 164 Jasper, Indiana
4 Beds 3 Baths 2,944 SqFt 1.024 Acres
Listing courtesy of Zach Holt from Whitetail Properties Real Estate.
1911 S A St. Jasper, Indiana
3 Beds 2 Baths 1,468 SqFt 0.314 Acres
Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.
1761 Sugar Pine Drive Jasper, Indiana
3 Beds 2 Baths 1,829 SqFt 0.346 Acres
Listing courtesy of Ryan Craig from RE/MAX Local.
582 E 36th Street Jasper, Indiana
3 Beds 2 Baths 2,374 SqFt 1.740 Acres
Listing courtesy of KaraHinshaw from Key Associates Signature Realty.
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Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
1715 Field View Court Ferdinand, Indiana
3 Beds 2 Baths 1,485 SqFt 0.400 Acres
Listing courtesy of TraeDauby from Dauby Real Estate.
6982 N US 231 Highway Jasper, Indiana
3 Beds 1 Baths 2,058 SqFt 1.340 Acres
Listing courtesy of Elizabeth Mehringer from RE/MAX Local.
2405 Sunset Drive Jasper, Indiana
3 Beds 1 Baths 1,410 SqFt 0.320 Acres
Listing courtesy of Kindra Hirt from F.C. TUCKER EMGE.