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A cautionary note: some contracts with inspectors limit damages to the cost of the inspection.
Have you actually seen a victimized homeowner recover any worthwhile damages from an incompetent home inspector? Enough to even cover the victim's legal fees. I have not. I ask this since, as a custom homebuilder, occasional independent inspector, and paid witness in home defect lawsuits, I have dealt with some of the many clowns who hang a shingle claiming that they are "professional home inspectors". My experience, and the information from the litigators I have worked with, is that an inspection contract is well written to protect the inspector, no matter how incompetent or corrupt they may be, and makes any meaningful recovery essentially impossible.
Totally depends upon who you choose for an inspection. Some of these people are magnificent losers....keep giving you disclosures why they can't find what you want them to find or why they can't look "there".
Have you actually seen a victimized homeowner recover any worthwhile damages from an incompetent home inspector? Enough to even cover the victim's legal fees. I have not. I ask this since, as a custom homebuilder, occasional independent inspector, and paid witness in home defect lawsuits, I have dealt with some of the many clowns who hang a shingle claiming that they are "professional home inspectors". My experience, and the information from the litigators I have worked with, is that an inspection contract is well written to protect the inspector, no matter how incompetent or corrupt they may be, and makes any meaningful recovery essentially impossible.
No, I have not. I could have easily written "most contracts" limit damages, but I really don't know what practices are in all 49 other states...although I do have my suspicions.
Buying it as is with a short option period, which gives the unrestricted right to terminate. Buyer gets inspection and decides either to continue with contract or terminate. Does not ask for any repairs regardless of what inspectior finds.
TREC contracts have both an as is box to check, and a section detailing the option period.
But this is still a contingency, which a seller might or might not want to accept. They're not making repairs, they're not negotiating. Depending on the market, if another offer comes in with no contingency, that one is going to win the day.
Recently ran into an inspector Lake City Inspections in CDA, ID (lakecityinspections.com) that has a $25,000 warranty coverage, a roof guarantee and a 90 day buy back guarantee if they miss anything. Had a buyer use them back in June and they seemed competent. But wow, how does a warranty like that work?
Always nice to see one word answers. What insurance company is going to take on that level of risk without a premium that makes the inspection cost non-competitive. And what small inspection company can afford to self insure (aka deductible) any large amount of the claim. The claim might be the small cost, the legal fees could be the real cost. Anyway, my thoughts are it is a sales gimmick with nothing behind it.
Yes actually I am also sending a notice that gives me the right to terminate if the lenders appraisal is below the offer price. Do you think that’s why sellers are declining my high offers?
Yes.
Also, insurance companies will not insure without inspection and you cannot get a mortgage without insurance.
So you can only decline inspection if you are paying cash.
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