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879: How to Buy a House in 2024

BiggerPockets Real Estate Podcast

NOTE

Costly and Unavoidable Repairs in Buying a House

When ordering a home inspection, crucial things to look for are foundation issues, roof condition, plumbing leaks, electrical problems, dry rot, and pest issues. These are the most costly and unavoidable repair items as they can lead to significant damage if not fixed. These issues provide negotiation leverage for the buyer to ask the seller to make the repairs or provide a credit at the time of sale. However, there are limitations on the amount of credit a buyer can ask for based on non-recurring closing costs. If the repair costs exceed the closing costs credit, it often leads buyers to back out of the deal.

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