Well I just had a disastrous experience going through the process of buying a house. I just want to be sure to remind everybody of something: when you make an offer on a house, ALWAYS make it contingent on a home inspection!
My girlfriend and I have been looking at houses for about 4 months and we finally found the house that we really loved! Unfortunately, we didn’t have a lot of time to think about it because there was an offer made on the house the same day we looked at it. After taking a few hours to think about it we decided we would make an offer on the house too. What a stressful 24 hours it was after we made the offer waiting to hear back! The next day, we got the news that our offer was accepted. We were really excited since we were first time home buyers and were anxious to find a place to call our own. At this stage, I started getting everything lined up with the mortgage lender and getting a home inspection lined up
It took about a week before I was able to get a home inspector into the house. I wanted to be sure that I was there for the entire inspection, so I took of work for the day so I wouldn’t have any conflicts. The inspector was extremely helpful and explained everything to me, but from the very beginning of the inspection, things started to look gloomy. During the inspection we found issues with the foundation, electric, HVAC, mold, roof, and some other issues. To be honest, it was an overwhelming experience for me and I was a bit demoralized because I knew there were just too many issues with the house.
After talking it over with my girlfriend, we decided that we were going to terminate the agreement because there were too many issues. We ended up being out $600 for the home inspection, pest inspection, and radon test. However, that $600 saved me thousands!