What is a Home Inspection Contingency?

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.

401 E 36th Street
$949,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 3,878 Sq Ft
  • 4.060 Acres

401 E 36th Street Jasper, Indiana

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Listing courtesy of Ryan Craig from RE/MAX Local.

1089 N 400W
$724,900
  • 3 Bedrooms
  • 2 Bathrooms
  • 2,940 Sq Ft
  • 14.820 Acres

1089 N 400W Jasper, Indiana

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Listing courtesy of Zach Holt from Whitetail Properties Real Estate.

1928 South A Street
$575,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 1,776 Sq Ft
  • 6.260 Acres

1928 South A Street Jasper, Indiana

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Listing courtesy of Arlet Jackle from RE/MAX Local.

4617 W Cypress Drive
$389,900
  • 3 Bedrooms
  • 2 Bathrooms
  • 1,793 Sq Ft
  • 0.414 Acres

4617 W Cypress Drive Jasper, Indiana

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Listing courtesy of Marissa Goodness from Carpenter Realty LLC.

1091 W 36th Street
$369,500
  • 5 Bedrooms
  • 3 Bathrooms
  • 4,014 Sq Ft
  • 1.300 Acres

1091 W 36th Street Jasper, Indiana

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Listing courtesy of Steve Wigand from ERA FIRST ADVANTAGE REALTY, INC.

307 Newton Street
$360,000
  • 4 Bedrooms
  • 2 Bathrooms
  • 3,490 Sq Ft
  • 0.371 Acres

307 Newton Street Jasper, Indiana

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Listing courtesy of Tama Stemle from RE/MAX Local.

980 S Crestwood Dr.
$319,900
  • 3 Bedrooms
  • 3 Bathrooms
  • 2,734 Sq Ft
  • 0.580 Acres

980 S Crestwood Dr. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

4667 W Ireland Church Avenue
$309,900
  • 3 Bedrooms
  • 4 Bathrooms
  • 1,568 Sq Ft
  • 1.100 Acres

4667 W Ireland Church Avenue Jasper, Indiana

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Listing courtesy of Marissa Goodness from Carpenter Realty LLC.

912 E 420 N Highway
$299,900
  • 3 Bedrooms
  • 3 Bathrooms
  • 1,832 Sq Ft
  • 6 Acres

912 E 420 N Highway Jasper, Indiana

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Listing courtesy of Jennifer Stallings from KELLER WILLIAMS CAPITAL REALTY.

3584 Bittersweet Dr.
$275,000
  • 3 Bedrooms
  • 1 Bathrooms
  • 1,377 Sq Ft
  • 0.720 Acres

3584 Bittersweet Dr. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

1477 Worrell Drive
$275,000
  • 4 Bedrooms
  • 3 Bathrooms
  • 1,972 Sq Ft
  • 0.590 Acres

1477 Worrell Drive Jasper, Indiana

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Listing courtesy of Constance Nord from RE/MAX REVOLUTION.

589 N Truman Road
$250,000
  • 4 Bedrooms
  • 3 Bathrooms
  • 2,103 Sq Ft
  • 1.081 Acres

589 N Truman Road Jasper, Indiana

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Listing courtesy of Cheryl Arnold from CENTURY 21 ARNOLD & ASSOCIATES.

1281 E 2nd Avenue
$219,000
  • 4 Bedrooms
  • 2 Bathrooms
  • 1,250 Sq Ft
  • 1.900 Acres

1281 E 2nd Avenue Jasper, Indiana

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Listing courtesy of Keasha Fromme from Carpenter Realty LLC.

891 Giesler Road
$211,500
  • 3 Bedrooms
  • 2 Bathrooms
  • 1,800 Sq Ft
  • 0.208 Acres

891 Giesler Road Jasper, Indiana

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Listing courtesy of Kevin Bayer from RE/MAX Local.

5362 W Division Rd.
$169,750
  • 3 Bedrooms
  • 2 Bathrooms
  • 1,560 Sq Ft
  • 1 Acres

5362 W Division Rd. Jasper, Indiana

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Listing courtesy of Larry Carpenter III from Carpenter Realty LLC.

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