Home inspectors are licensed, usually carry errors and omissions insurance and are known as “expert generalists”
These professionals will also look for other signs of existing and potential problems. While they generally do not give quotes as to the cost of repairs, they might tell you what specifically is wrong with something, which will allow you to find out.
When you put a purchase offer on a home that you want to buy, the real estate contract becomes a binding legal agreement after the seller accepts. These purchase contracts contain certain clauses which directly impact both the buyer and seller. Fortunately, purchase contracts favor buyers, because of the several federal and state consumer protection laws.
However, this doesn’t mean the seller has no options. For instance, there are “escape hatches” for buyers, which include what’s known as contingency clauses. These are things like the ability to back out of the purchase if financing doesn’t come through or voiding the purchase offer if the home inspection reveals costly repairs. Should none of the contingencies come into play and you want to back out only because you’ve changed your mind, the seller can enforce the specific performance clause, go to court and force you to go through with the deal.
So, if the inspector misses something and it’s not uncovered or disclosed, you’ll be in the position of purchasing buyer’s remorse. If that happens, you’ll probably be able to take the seller to court, but that will be a stressful, costly, and time consuming process.