It is an exciting time once your home has gone under contract, because it means that you are close to moving into the home of your dreams! Remember though, even though the home is under contract, it doesn’t mean that everything is smooth sailing until you move in. There are a few things that might occur which could disrupt the closing, and one of the potential issues is damage to the property. In this article we talk about What Happens if a Home is Damaged after it Goes Under Contract?
Accidental Damage Can Be Costly
There are a variety of things that might happen to a home causing damage to occur. Maybe a storm comes in and causes a tree to fall on the home. Or a pipe could burst and flood the basement. Or, the moving company might damage a wall as they were carrying the previous owner’s furniture out of the home. In these situations, you might find yourself with an expensive repair bill. But, these problems can be avoided by including a clause in the contract to protect yourself.
Protecting Yourself with a Good Contract
Make sure that you are working with a trusted Atlanta real estate agent who can help you with every step of buying a home. Your agent will ensure that your contract includes language to keep you protected in case damage occurs to the home. You never know what will happen, so it is important that you are thinking ahead to avoid additional costs. At Duffy Realty of Atlanta, we’ve found that it is good to include a clause requiring written notification of damages. If something happens, then the seller is required to notify you of the damage, and you have 14 days to terminate the agreement if you choose. Even though damage has occurred, it doesn’t necessarily mean that you won’t be able to buy the home. If you choose to move forward, then you can settle with the insurance company to cover the costs of the repairs.
Helpful Tip for Home Buyers
When you are buying a home, it is a good idea to take detailed photos of the property during the time that you are making the offer and waiting for acceptance. These photos will document the condition of the home, so that you can prove the damage if something else occurs. Make the photos as detailed as possible, and don’t forget to look inside the cupboards, under the rugs, and at the appliances that will be included in the sale. It might take a little time to take the photos, but it is worth the effort! You can take photos while you are touring the home, or when you have access to the property during inspection or the final walk-thru. At Duffy Realty of Atlanta, we are here to help you find your dream home! Contact us for more information about getting the best deal on a home that you will love. Our team is always available to answer your questions and help with anything that you need: (678) 318-1700
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