Even though most states require sellers to disclose problems in writing to a buyer, it’s still buyer beware. A seller may fill out a multipage seller’s disclosure form, but at the time there’s no way to tell if it’s accurate. In reality, a disclosure boils down to the seller’s opinion on the condition of the house and its components. So, it’s best to use the disclosure form as a starting point and not assume that it’s totally accurate.Sometimes buyers hesitate to spend money on an inspection, having heard that homeowners must bring a home up to code before they can sell, that if the electrical or plumbing is not up to code it must be fixed before a home can close. In reality, this can be classified as an urban legend. Generally, sellers are not required to be code compliant when they sell unless it’s required in an offer. There’s no rule or law that states who has to pay to bring a property up to code. So if you buy a home, problems develop later on, and you had nothing in writing, you’re stuck with the bill.
One buyer who learned the hard way was a handyman type who felt he didn’t need an inspection on a home he made an offer on. Since the home was only five years old, he reasoned that not that much could be wrong. Besides, he knew a lot about building, he had walked through the home twice, and everything looked fine. The sale closed, and a few days later the buyer started moving in . . . to a big surprise. In the bath off the master bedroom, there was no water because the plumbing was not hooked up. The fixtures were all in place, but no water or waste lines. The buyer had looked in, saw the fixtures, and assumed it was a working bathroom. Would an inspector have caught that chicanery? In a heartbeat!
The best way to protect yourself from surprises is to hire a professional home inspector. It’ll cost you $250 to $475, but it goes a long way toward reducing the risk of buying an existing home. Even if you’re a building professional, you can’t think of everything in a walk through.
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