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Buying a home that needs some repairs? Think twice about these projects

Housing Wire

Some are waiving inspection contingencies, while others are avoiding repair requests, opting to handle home repairs, fixes and upgrades as needed later on. While this approach could certainly help buyers win out in a bidding war, the strategy also comes with some serious risk — especially if the home inspection is skipped.

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Why you shouldn’t waive the home inspection

Realty Biz

The average home inspection can cost from $300 to $500 depending on where the home is and how big it is, but Porch.com’s study indicates that this is an investment that will save the average buyer around $14,000 in renovation costs. Porch.com’s study shows that just over 19% of home inspections uncover problems with the roof.

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Unpermitted Additions: Here’s What You Need to Know Before Buying a Home with DIY Renovations

HomeLight

Unpermitted additions include any form of remodel or renovation on a home where the owners did not obtain the proper permits from the city’s building department, even though a permit was required to begin work. An inspection contingency allows buyers to back out of a sale if the inspection uncovers anything they’re not comfortable with.

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How Do You Sell a House As-is? Everything Agents Need to Know

The Close

The buyer is expected to shoulder additional renovations and improvement expenses once they become the official homeowners. No time: Renovations can cause delays and may not add enough property value to justify the expense. Lack of desire to do renovations: Your clients may not want to deal with the hassle of renovations.

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How to Find & Buy for Sale by Owner (FSBO) Homes in 6 Steps

The Close

Short-term FSBO Financing Options Short-term FSBO financing is ideal for investors who are navigating how to find for sale by owner homes and wish to acquire, renovate, and sell a property within a brief period. Rehab loans: Specifically designed to finance both the purchase and renovation of under-maintained properties.

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Who Pays for the Home Inspection When You’re Buying a House? (Is It Me?)

HomeLight

Buyers and their real estate agents are typically allowed to be present for the inspection , giving them the opportunity to ask additional questions about the property. Rather than waiving the inspection, some buyers are opting to have an informational inspection rather than including an inspection contingency in the offer.

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Real Estate Pending Vs. Contingent: MLS Lingo Explained for Sellers

HomeLight

So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo? Here are 5 common contingencies in real estate contracts: Inspection contingency A buyer and their lender understandably want a home inspection to make sure they’re not investing in a lemon.

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