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I have friends who just bought a three family in Brooklyn that turns out to be infested with termites. When I said they should sue their inspector for negligence, they said that the seller had paid $500 to prevent an inspection from happening and that was his legal right. I think these friends are either extremely confused, have been scammed, or are trying to save face, but just out of curiosity, has anyone heard of any legal way for a seller to get out of an inspection?
Ouch.
I think you have friends with more money than brains.
Did they not ask for and SEE a termite inspection report or was there a contractual stipulation that THEY would be responsible for termites.
(I sold only one property and I did not want to bother with nonsense so I offered it AS IS and the buyer arranged for a termite inspection and paid cash for the place.)
A family member did the negotiating and these friends seemed fairly vague about the stages of the process and the various details. But yes, a lot of money, a termite infestation, and a tenant who won't leave (despite the stipulation that the place be delivered vacant, they went ahead and closed before eviction).
I'm kind of sympathetic, but having just bought in the Bronx for a fraction of the price (and the headaches), am also having some schadenfreude.
I do not think there is any inherent right to an inspection. It seems the sellers in this case negotiated out of it, the buyers (your friends) clearly believed that getting $500 was worth not inspecting the house. I don't think your friends have any recourse, but they should of course consult a lawyer.
I have friends who just bought a three family in Brooklyn that turns out to be infested with termites. When I said they should sue their inspector for negligence, they said that the seller had paid $500 to prevent an inspection from happening and that was his legal right. I think these friends are either extremely confused, have been scammed, or are trying to save face, but just out of curiosity, has anyone heard of any legal way for a seller to get out of an inspection?
This is best posted in the Real Estate section. However I do recall seeing a discussion about this not long ago. It seems that in NY the seller can offer the buyer a $500 credit to agree not to have inspections. What a terrible law that is and should be rescinded!!
This is best posted in the Real Estate section. However I do recall seeing a discussion about this not long ago. It seems that in NY the seller can offer the buyer a $500 credit to agree not to have inspections. What a terrible law that is and should be rescinded!!
Terrible decision....they're already putting down tens of thousands of dollars at closing and they're worried about a measly $500? ALWAYS get a home inspector, and if for any reason your inspector can't inspect the house, walk away!
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This is why you use a lawyer, and one that knows what they're doing. They should have had an inspection clause in the contract, and they should have not closed until it was vacant. They have problems because they didn't know what they were doing.
Terrible decision....they're already putting down tens of thousands of dollars at closing and they're worried about a measly $500? ALWAYS get a home inspector, and if for any reason your inspector can't inspect the house, walk away!
What's amazing about this is I looked it up and it is allowable by law, approved by the same Gooberment Officials that like to claim they are there to protect the people. So much for protection Huh?
A family member did the negotiating and these friends seemed fairly vague about the stages of the process and the various details. But yes, a lot of money, a termite infestation, and a tenant who won't leave (despite the stipulation that the place be delivered vacant, they went ahead and closed before eviction).
I'm kind of sympathetic, but having just bought in the Bronx for a fraction of the price (and the headaches), am also having some schadenfreude.
Don't feel sympathetic for them, in fact you should tell your friends how pathetic they were. Seriously, how could they be so careless and ignorant about this process? You are making a huge investment on a property (which to some is the biggest investment you could ever make) and you didn't get a full & thorough inspection before you closed? That is plain and simply a stupid mistake. Whenever you purchase property Always get it inspected by an engineer or a reputable inspector.
There is so much information on the internet on how to go about purchasing a property and your friends should have consulted with their lawyer. You can't sympathize with stupidity.
When I was house hunting I made offers on three houses and I had all of them inspected. The first one cost me $200. The inspector told me after the inspection that I should avoid this house. He saw so many problems that he just said to me "If you are not planning on spending at least another $100k on this house then I wouldn't bother". He cut me a break because I didn't have him file a complete report.
The second house I put an offer on got inspected but the inspector found hidden water damage in the basement so we passed on that house. That cost me another $200.
Finally the last house we got inspected (an bought) was in great shape. Had a new roof, windows, new plumbing, no termites, sprinklers, etc. The issues he found were so miniscule that I told the homeowners not to worry about it. That cost me $500 with the termite inspection.
Overall it cost me $900 to get these houses inspected and it could have cost me up to $1500 if I got full inspections for all houses. I do not regret spending that money one bit.
So the point is, don't be cheap or stupid when it comes to buying property. Get it inspected properly, make sure there no liens on the property, verify all of the CO's and do your homework. As for the OP's friends issue, if the property owner is offering you money to avoid an inspection then you decline. ALWAYS GET IT INSPECTED! Where was the lawyer in all of this?
Don't feel sympathetic for them, in fact you should tell your friends how pathetic they were. Seriously, how could they be so careless and ignorant about this process? You are making a huge investment on a property (which to some is the biggest investment you could ever make) and you didn't get a full & thorough inspection before you closed? That is plain and simply a stupid mistake. Whenever you purchase property Always get it inspected by an engineer or a reputable inspector.
Yes, this has made me question the very foundations of our friendship. (And I'm only kind of joking about that.) Also, it seems that the desperation to own in Brooklyn leads people to make epically bad decisions.... Obviously the seller knew he had a massive termite infestation and he found a couple of suckers. This is a great time to unload what would otherwise be unsellable properties, as long as they're located in some "desirable" part of Brooklyn. Plus it's next to a fast food joint.
Even if I was going to buy a place "as is" I would have an inspection just to know what I was getting into.
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