If you’re looking to submit an offer on a home, and still want to have some protections in your offer in the form of contingencies, you may be considering a home inspection contingency. Quick reminder that the main reason we have contingencies is to protect your earnest money deposit from being taken by the seller in the event that you are not able to perform and purchase the property.
There are 2 main types of home inspection contingencies in Virginia, a home inspection with option to negotiate, and a home inspection with option to void only. From a seller’s perspective a home inspection w/ option to void sounds much better; almost as if the buyer isn’t going to fight them over small repairs that are required at the property. However the truth is that for both of these types of home inspections, the buyer can request revisions to satisfy the home inspection contingency. For example, the buyer can request the seller to provide $4k in credits at closing to cover HVAC repairs. This can be requested with either type of inspection contingency.
So rule of thumb in today’s 2023 market is if you don’t feel comfortable waiving a home inspection contingency, then go with the home inspection with option to void only, with the intent to ask for credits at closing. You never know what you will get, so always best to ask and see what the seller says!
Have a real estate problem? Looking to buy/sell a home or investment property? Reach out to me, I may be able to help you AND I answer my own phone @ 804-369-9652.