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The current US housing market is a seller’s market. This means the demand for homes is higher than the inventory.
If you’re a buyer and want to get in on the low mortgage rates, you may jump the gun on a purchase.
What can go wrong? If you bought a house, you had to get it inspected. You’d know if there were major issues, right? Wrong.
So, what do you do if what you bought isn’t what you thought? Read on for tips on how to get out of a lemon house.
Buying a House
When people buy a house, they often hire a home inspector to come in and look for any major or minor issues.
While this isn’t a required step in the process of buying a home, it’s a good idea. If you don’t know what to look for, you can’t see it.
These home inspectors are not infallible. Human error and carelessness can cause your home inspector to miss major issues.
Make sure to look for the signs of a bad home inspector.
Your inspector can miss major structural issues that can only be seen from a neighboring property. Or he or she could just be careless and tell you everything is fine when it’s not.
To prevent yourself from a bad investment, it’s wise to get a second opinion if you suspect your home inspector isn’t up to par.
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You May Have a Lawsuit
If you discover leaks or cracks or any other defect when you move in, you may have a lawsuit on your hands.
You’ll have to determine who’s at fault.
It’s possible that the seller didn’t make the repairs noted by your inspector. Even worse, it’s possible the seller covered up a needed repair they left off the disclosure.
You, your real estate agent and your inspector may miss it.
Should you determine that the seller concealed defects, you could sue for financial damages.
Sell Your Home for Cash
Lawsuits take time and money. They cause a lot of mental anguish and stress. You may decide litigation isn’t the best route for you.
Or worse, your lawyer doesn’t think you have a case.
Understand that if you sell your house right after you buy it, you will incur a loss on your investment. You’ll have to disclose all the repairs, and you’ll still have a tax bill.
Though if the house is a lemon, you can lose and win. Cash in hand can make up for a lot of the turmoil. It’s fast and convenient.
Do your research and you’ll see firms that advertise “we buy houses with cash”.
Bought a House That’s a Lemon?
If you bought a house with major issues, don’t worry. You may have legal recourse for any financial damage if the repairs needed were undisclosed or if your inspector missed them.
Even if you don’t have a legal case, you can still turn around and sell your house for cash.
Are you in the market for a new house? Check out the rest of our site for more home buying tips.
