In Virginia there is a Lemon Law on the books to protect consumers who purchase a car which is later found to have serious defects. However, there is no such law when it comes to protecting buyers when they are purchasing a home. When the market was hot in Northern Virginia many buyers had to pass up the opportunity to have a thorough home inspection in order to “win” their first choice home.
For some of those buyers the movie the Money Pit went from being an amusing comedy to a real life nightmare.
Recently I wrote a contract on a “bargain” home and at first blush the house looked to be outdated but in decent shape. Fortunately the buyers had taken my professional advice and included a home inspection contingency in their contract. They hired a licensed experienced home inspector to give the house a complete inspection from top to bottom. Everything started out fine. However as the inspector made his way through the house he found serious structural issues and significant termite damage. Since we had the home inspection contingency in the contract the buyers were able to walk away from the contract and though they were disappointed they were also very thankful that they wouldn’t be stuck with this lemon of a house.
This is just one example of why buyers need to make sure they have their own representation when they are ready to purchase a home. A buyer’s agent is going to make sure all of the options available to protect you in your home purchase are in place. So remember there is no Home Buyer Lemon Law. If you don’t have your own representation you could find yourself trying to figure out how to make lemonade from a very sour lemon