Two Items You Need To Have In Your Cabot Real Estate Contract
You have been looking around Cabot for a home you and your family can live in. After several homes you found one that everyone likes. You tell your agent that you would like to make an offer on this one. Make sure that your agent includes these two items into the contract:
1. Repair Limit
You need to have a repair limit on the home. In the Cabot area it is generally a $500 repair limit that is asked for. This gives you $500 that the sellers will pay for if there is anything wrong with the home. This normally does not include any cosmetic repairs, but you can always ask. After your inspection is when you will say specifically what you want repaired. If the home is older and not in the best shape, do not hesitate to ask for $1000 in repairs.
2. Right To Inspect
This gives you 10 days from an accepted offer to inspect the property. I always recommend buyers to hire an inspector. I do this for a few of reasons:
1. An inspector is a licensed professional that knows what they are doing. They should be able to find anything that is wrong with the property
2. If anything is wrong with the property that the inspector missed, he can be held liable.
3. If you get a warranty on the property, the inspection report will show what is and is not pre-existing. A home warranty will not cover pre-existing problems.
Just because it is a new home it doesn't mean nothing is wrong with it. A builder will generally offer a 1 yr builder warranty. When they offer this you should not have to ask for a five hundred dollar repair limit. The 1yr builder warranty should cover everything.
Really the only exception to the rule is foreclosures. Foreclosures normally do not allow a repair limit, but I would always have the right to inspect included in the contract.
Good Day