One of the big mistakes home buyers make is thinking they can rely on their professional home inspector to find any and all problems with the house they want to purchase.
What they forget is that their home inspector doesn't have X-ray vision.
No matter how thorough the inspection is, home inspectors can't see behind walls, can't move furniture to check if the floorboards have rotted, and can't move a stack of boxes away from the basement wall to see if it is wet.
When problems arise after closing, the new homeowner will often go back to the inspector, thinking he or she is at fault for missing the problem. If the problem was obvious, and the inspector simply failed to see it, there may be some liability.
But often, the contract you sign when you hire the inspector limits your liability to the fee you paid for the inspection -- typically a few hundred dollars.
Ilyce Glink is the bestselling author of 100 Questions Every First Time Home Buyer Should Ask, and is the Managing Editor of Right at Home Daily.
Will Buying a Home Bankrupt Me?
Buying a home doesn't usually lead to bankruptcy -- but if homebuyers don't watch their income-to-spending ratio, it can happen. Margaret Crane explains how to keep your finances in check.
Unless you've recently won the lottery, it's likely you'll
be getting a loan to pay for your new home. Here's
everything you need to know to get your application
approved. From Margaret Crane, contributor to
Newsweek, The New York Times and Money magazine
and author of Successful Homebuilding and Remodeling:
Real-Life Advice on Getting the House You Want without
the Roof (or Sky) Falling In.
There's little chance you'll have a successful closing
unless all of the details are in place. Here's some
information to help you get from offer to closing without
missing a beat. From Barbara Buchholz, former editor of
House & Garden Guides Magazine and co-author of Porch
Style and the New Homeowner's Handbook.
For most, making an offer for a home is the most
stressful part of the process. The information you'll find
here will help you figure out everything from how much a
piece of real estate is worth to how to win a bidding war.
From Margaret Crane, contributor to Newsweek, The
New York Times and Money magazine and author of
Successful Homebuilding and Remodeling: Real-Life
Advice on Getting the House You Want without the Roof (or
Sky) Falling In.
