U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-17-2013, 06:53 AM
 
Location: NJ
17,579 posts, read 35,802,917 times
Reputation: 15969

Advertisements

Easy solution for the OP. Make the sure the contract says one of the following:

1. Buyer does not have to show inspection report to cancel contract for an inspection issue.
2. Seller will reimburse buyer for cost of inspection if they cancel for inspection issues.

Let us know how that works out for you.
Reply With Quote Quick reply to this message

 
Old 05-17-2013, 07:28 AM
 
Location: Mount Laurel
4,106 posts, read 7,349,532 times
Reputation: 3346
Quote:
Originally Posted by manderly6 View Post
Easy solution for the OP. Make the sure the contract says one of the following:

1. Buyer does not have to show inspection report to cancel contract for an inspection issue.
2. Seller will reimburse buyer for cost of inspection if they cancel for inspection issues.

Let us know how that works out for you.
Based on OP responses to the original post, I think s/he is asking for seller to pay for a pre-offer inspection. In other words, OP want to be able to have an inspection done prior to an offer. This is out of the norm for a real estate transaction. Most seller will not allow a potential buyer to send their hired inspector out for a 2-3 hours inspection before having a sign contract. Imagine every potential buyers asking for this prior to putting an offer on the table.

OP: You can certain ask for this the next time you are interested in a house. Simply ask the seller to pay for the pre-offer inspection. Worse they can say is NO and don't bother with you right? I go back to my original statement that inspections are for the benefit of the buyers, not the seller. It's your bargaining power. If you spent $500 to learn that it saves you from a major problem.. you pay for it.
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 07:32 AM
 
Location: Cary, NC
28,414 posts, read 50,539,333 times
Reputation: 26584
Sellers put up the property, generally with far more exposure to Specific Performance liabilities then the buyers have, and the value of nearly any property far exceeds any Earnest Money Deposit I have ever seen.
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 07:32 AM
 
Location: NJ
17,579 posts, read 35,802,917 times
Reputation: 15969
Very few buyers would opt for an inspection before an offer if they were paying for it themselves. If you can't come to terms on price then this would be a complete waste of money.

Same thing with sellers paying for it. What seller in their right mind would pay for an inspection for the buyer before they even reach an agreement on price?

Of course the OP can ask for whatever they want.
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 07:40 AM
 
Location: Martinsville, NJ
6,103 posts, read 10,286,608 times
Reputation: 3860
Quote:
Originally Posted by manderly6 View Post
Very few buyers would opt for an inspection before an offer if they were paying for it themselves. If you can't come to terms on price then this would be a complete waste of money.
Actually....I understand that's the way it's usually done in NY state.

Can anyone in NY state confirm or contradict that?
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 07:49 AM
 
Location: DFW - Coppell / Las Colinas
26,552 posts, read 31,046,484 times
Reputation: 31069
Quote:
Originally Posted by Sky-Blue View Post
Can a buyer back-out after an inspection and get back their earnest money without providing the inspection details to the seller?

It would be voluntary for the seller to stake his or her own earnest money that his/her house will pass specific inspections.
To answer these 2 subjects.... In TX absolutely a buyer can terminate the contract for any reason within a certain time frame and never provide the Inspection report to the seller (or the reason). But your state may be different.

A house does not pass or fail an Inspection. An Inspection is a snapshot of the condition of the house at that moment in time.

There is no pass / fail.
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 07:54 AM
 
Location: NJ
17,579 posts, read 35,802,917 times
Reputation: 15969
Quote:
Originally Posted by Bill Keegan View Post
Actually....I understand that's the way it's usually done in NY state.

Can anyone in NY state confirm or contradict that?
I wonder how many inspections the average buyer pays for while house hunting?
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 08:39 AM
 
27,629 posts, read 63,188,238 times
Reputation: 17006
Default Somebody GETS IT and some others....



Rakin NAILS IT!

The simple fact is there are lots of not very saavy "buyers" that do not understand that the general principle for real estate transactions is "caveat emptor" -- frankly this is the situation when one buys most anything! Ever ask a seller on Craig's list if it is OK to take the cell phone or other electronics device they might be hawking to an "authorized dealer" for a quick service check BEFORE you make an offer?

Even is the property literally has been condemned by local authorities a buyer is welcome to get an inspection AT THEIR OWN COST to help them CONFIRM that the offer they have made is consistent with extent of the repairs that are likely needed.

I might suggest that the OP try to restrict their shopping to home that have had a "PRE-listing inspection" how ever those are far less numerous than houses that the sellers really do not know every detail about every aspect of their home.


When I was actively buying houses to rent out my ability to spot costly potential issues BEFORE I MADE AN OFFER saved me grief and allowed me to profitably use my time. I also had connections to contrators that I would bring along to evaluate potential repairs. The contractors would do this without charge as part of our ongoing relationship -- i would hire them to do work in properties, if their "ballpark estimate" was way off it would not strengthen our ongoing relationship...

I suspect the OP is one of those folks that has come to expect "free maintenance" when they buy a new automobile and unfortunately houses are not sold by "dealers" that can provide that kind of on going customer care but by individuals many of whom have even less concern about the condition of the property than the buyer. Afterall they are selling the home and moving on so they have no real motivation to "warranty" the condition of anything and if the buyer would like a "home warranty" there are numerous firms that will gladly sell such a thing and most reputable real estate agents will explain the limitations of such things.

Quote:
Originally Posted by Rakin View Post
To answer these 2 subjects.... In TX absolutely a buyer can terminate the contract for any reason within a certain time frame and never provide the Inspection report to the seller (or the reason). But your state may be different.

A house does not pass or fail an Inspection. An Inspection is a snapshot of the condition of the house at that moment in time.

There is no pass / fail.
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 09:36 AM
 
Location: Columbia, SC
8,330 posts, read 16,344,455 times
Reputation: 5481
Quote:
Originally Posted by Sky-Blue View Post
Can a buyer back-out after an inspection and get back their earnest money without providing the inspection details to the seller?
Depends on the contract and the location. You'll have different customs. In my market, yes.
Reply With Quote Quick reply to this message
 
Old 05-17-2013, 01:54 PM
 
396 posts, read 1,266,101 times
Reputation: 289
As chet suggested: I will ask for the seller's pre-listing inspection.

If the seller's pre-listing inspection is acceptable, then I will make an offer and still have my own independent inspection done to corroborate.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top