You found your dream home, or so you think.

The offer you made to the homeowner was accepted. Provided you didn’t waive your rights to an inspection or offer to purchase the house “as-is”, you now have to hire an inspector to make sure it checks out A-OK.

Hopefully there won’t be any major flaws to make you think twice about your offer. If a satisfactory inspection is a contingency to the contract, you can do one of three things if a major repair is needed:

• ask/negotiate for it to be fixed and paid for by the seller,
• decide to fix it and pay for the repairs yourself or
• walk away from the house completely.

Here are 8 possible deal breakers you should be aware of:

1. Water Damage. With every water mark and rusty pipe, ask for an explanation. A water ring on the ceiling the size of the toilet pipe on the floor above it could mean a constant dripping problem. It could also mean there was an overflow a few years ago and the water mark has stained the ceiling. Rusty pipes, dampness by the A/C unit in the attic or hallway closet could be a bigger issue.

2. Asbestos. This hazardous material was used in many homes that were built before July 1989. Removal must be done by a professional and could be costly.

3. Lead paint. Lead paint was used in older homes and could be a hazard. Removal may be expensive so have a professional give you a quote on removal.

4. Pests. Termites, roaches, rats, mice and more can cause extensive and expensive damage to a home. Sometimes the repair can be expensive but not always. Have a termite or pest control professional quote you a price to take care of the problem.

5. Mold. Some molds can be easily remedied, but long-term invasive damage from a pipe, roof leak or irrigation can cause a bigger problem.

6. Electrical or plumbing problems. Always have these taken care of by a professional.

7. Foundation issues. Foundations tend to crack from settling. Some cracks are minor, some can be a major problem. Why are the cracks there? What caused them? If you really don’t feel good about the cracks, seek the advice of a foundation specialist. It will cost more than the initial inspection, but the peace of mind will be worth it.

8. Old roof. A home inspector can assess roofing issues from missing shingles, wood or structural issues. An old roof will need to be replaced and can be expensive. In addition to the inspector’s report, a roofer can assess the remaining life of the roof.

Inspection repair negotiations

While there can be other issues that can make you walk away, these eight are the most common, so be prepared to consider any of them.

Each of these things can be worked out if you really want the house and not all houses have more than one or two of these issues to consider.

Meet with your real estate agent. Together, construct a list of things you must have repaired, and what you can live with or fix on your own. But be aware of two things:

• The seller may think your request is too extensive.
• The listing and seller’s disclosure made it clear that the seller would not make certain repairs.

If the cost of items to fix by yourself is high, renegotiate your contract. While mortgage companies reject sellers offering credits at closing, your agent will work with the seller’s agent to find the proper way to handle this situation.

Inspection deadline

The most important part of the home inspection contingency process is the deadline.

Your inspection, repair request and negotiations, on most contracts, must be completed by a specific date.  Once you go over that date, you proceed to closing.

But before that date and before you sign off, stating the inspection contingency is clear of issues so you can move toward closing, you, the buyer, are still in the decision-making seat.

So, do you want the house or not?

Eileen Saunders, REALTOR with Michael Saunders & Company, Sarasota, FL www.eileensaunders.michaelsaunders.com  662-040-0816