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Old 06-19-2012, 01:47 PM
 
Location: Lead/Deadwood, SD
948 posts, read 2,266,941 times
Reputation: 854

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The intent of an inspection is to assess condition - not cover your tail in case you can't sell your home - covering your tail on one thing by using another is very slimy. Your agent suggesting it is unfortunate and bad press for my profession as a whole.
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Old 06-19-2012, 01:57 PM
 
Location: NJ
17,579 posts, read 38,295,421 times
Reputation: 16098
I'll throw one comment in about the "ethics" of what you are talking about. If buyers of your house did the same thing what would be your reaction? If your reaction is:

1. This is just business. They did what they have to do.

Then I think you can fairly say it isn't an ethical problem on your part.

2. I hope they rot in hell for what they did to us.

Then I think you can fairly say it is an ethical problem on your part.
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Old 06-19-2012, 02:30 PM
 
Location: Danbury CT covering all of Fairfield County
2,179 posts, read 5,756,859 times
Reputation: 956
7-10 days is typical inspection times in my area, with 2 or 3 days a max after to get back to the seller with any issues they'd want fixed or negoitated off the price.
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Old 06-24-2012, 10:22 AM
 
6,359 posts, read 7,324,210 times
Reputation: 10807
To answer your original questions:

No, that is not standard practice (and one which could backfire on many levels), and

Yes, your inclination is correct that it would be a slimy thing to do.
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Old 06-24-2012, 10:33 AM
 
Location: Lexington, SC
4,281 posts, read 10,286,407 times
Reputation: 3700
Element

To me, this feels slimy and immoral. I don't feel like I would be acting in good faith with the sellers of the property as it could cause him to miss out on a sale to more certain buyer.

I most agree. Take the high road.
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Old 06-24-2012, 01:51 PM
 
25,338 posts, read 37,471,570 times
Reputation: 13260
The reason we have this housing mess is because "people lied"....on several different grounds;

Lied on mortgage application, etc...

This OP is trying to keep this lying going on for their own benefit and if I was the listing agent I would set the home inspection on 7 days after the appraisal would come back.

Basically the OP would be out of money for the appraisal and home inspection and if the sellers take care of all items in the home inspection than the seller can't back out unless it is worded differently in the contract.

If the contract is stating an specific amount for the home inspection items than the buyer will loose out and in today's market I suggest to any agent to get a higher escrow amount for cases like this...people who are not serious or just want to write a contract and than see what the consequences are....keep in mind the seller may not know what your intentions are and will seriously think that you are going to buy and you are misrepresenting yourself if you don't disclose this.

If you already start of like this, than I can only see a disaster happening and it may cost you money....JMO!
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Old 06-24-2012, 02:08 PM
 
Location: Salem, OR
13,741 posts, read 31,556,293 times
Reputation: 12105
Quote:
Originally Posted by ElementK View Post
We're in a house we like a lot. We found one we like better. I can get financing (barely) to carry both mortgages but there is no way I'd want to carry two for more than a month or so.

The seller's house has been on the market for months; however, they are not interested in a contingent offer. Our house will be on the market within days. My natural tendency is to wait a few weeks and see what sort of interest our current house is getting. If the other house sells in that period of time, well that's just life. There's always another dream house. Our listing agent understands that we are selling in hopes of buying the other place.

It has been suggested to me that we put in an offer on the other house now to secure it and if we don't get an offer on our house soon then use the inspection as an excuse to cancel the offer to buy. It was not stated that plainly, but I got the drift.

To me, this feels slimy and immoral. I don't feel like I would be acting in good faith with the sellers of the property as it could cause him to miss out on a sale to more certain buyer.

Is this standard practice in the real estate world?
No it isn't standard practice and you need to be cautious. Most contracts have good faith clauses, and ours have a financial misrepresentation clause in them. If the seller found out about your tactic they could make a stink over the earnest money. Financial misrepresentation is one reason sellers are entitled to earnest money in our contracts. I'd read yours before forging ahead.
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