The property inspection report is your opportunity to avoid buying a home in Panama City Beach that you will later regret. Assuming you have included an inspection contingency in your offer, you have the chance to look over the report and back out of the purchase if there are one of these major issues present.

Having a real estate agent who can help you right an offer letter that is attractive while protecting your interests is key. Contact us any time to learn how we can help you find homes for sale in Panama City Beach that are right for you, and keep reading for a list of dealbreakers that you might need to watch out for on your inspection report.

Common Dealbreakers that Property Inspection Reports Reveal

Dealbreakers on Your Property Inspection ReportStructural Issues

Unless you are prepared to spend a significant amount of time and money renovating the property, or even tearing it down to rebuild, structural issues might be a dealbreaker and if your property inspection report found any, proceed with caution. Structural issues might include these:

Water Damage

Signs of water damage should be a major red flag if they are discovered on your property inspection report. It can be difficult to determine if the water damage is continual, based on environmental factors, the condition of the home, or something else. Issues to watch out for include:

Electrical or Plumbing Issues

Problems with the home’s electrical or plumbing systems do not necessarily have to be a dealbreaker, but they should give you pause if uncovered on your property inspection report. These systems can be costly to repair and often result in a “domino effect” type of renovation, where you have to do far more extensive work in order to get to the initial project.

Watch out for the following on your property inspection report:

Asbestos, Lead-Based Paint, and Other Hazards

Like plumbing and electrical, the presence of asbestos or lead-based paint on your property inspection report may not be cause for backing out of the deal entirely, but it is something you need to take seriously. At the least, you should negotiate with the sellers for a credit toward remediation or request the the issue is resolved before closing.

Asbestos, commonly found in older homes, can pose serious health risks. Its removal and remediation require specialized professionals. Homes built before 1978 may have lead-based paint, which poses health risks, especially for children. Abatement may be necessary to ensure a safe living environment.

Other hazards your property inspection report uncovers might include:

Property Line Disputes

During the escrow process, there may be land or property line issues uncovered. Boundary disputes or encroachments on neighboring properties can lead to legal issues and may affect the property’s value.

In most cases, an ongoing property line dispute should be a dealbreaker. It is usually more hassle than its worth and can be a major expense and source of stress.

What happens when a dealbreaker is discovered?

If your inspection report reveals one of these, or another, dealbreakers, what happens next? If you have put an inspection contingency into your offer, you are able to walk away from the purchase without penalty and begin the search again for a property in better condition.

Getting the contingencies and details of the offer letter right are key. This is just one of many reasons it is so essential to work with an experienced real estate agent you trust. Ready to begin the search for your property in Panama City Beach? We are here to help. Contact us any time to get started.