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.
is it wise to pay for a home inspection before making an offer on a home? what if the seller accepts an offer while/just after you do an inspection? is it taking a risk?
I would not advise it. You need to work out all the terms before you spend money on an inspection. You don't even know if you can agree on a price or closing dates.
proper order, is get an agreed price, and put the home inspection in you contract, and then you will be protected, and always something shows up, but can usually be worked out, as long as its not major. We just had an agent put in contract, and with inspection, found 20,000 in foundation issues, and you never know what you will find. Its to your best interest to protect you.
thanks. i thought it might be a mistake. why would a realtor recommend that then?
Not sure, maybe your realtor isn't very savvy. It is not finacially feasible to have an inspector come into every house you put an offer on. Inspectors here in Orlando run around $400 for a good one. It would be a waste of money w/out a solid dollar amount already agreed to, IMO.
thanks. i thought it might be a mistake. why would a realtor recommend that then?
Ask them why they did and let us know what they said. i am curious myself.
If you make the inspection contigent in the contract, the contract and be cancelled if something comes up.
Then is your chance to make a new and supported low ball, or new offer that repairs be made first, or a credit at closing for the repairs, if you still want the house.
Like the rest said, no need to waste your money on the inspection first, if you don't even know if you will be able to agree on a price or other terms.
I am seeing more pre-contract home inspections in my area, especially at high end price points. Some buyers want to know the condition of the property upfront before they make an offer rather than agreeing to price and terms and then having the inspection blow it apart.
Such buyers have more than likely gone the traditional route only to become disappointed with the findings or have lost a house because the owner refused to address the issues or credit them back, at closing.
Either way, the buyer is out the cost of the inspection, if the issues cannot be resolved.
the house is at a lower pricepoint (under 250k) and only about 8 years old. it needs some cosmetic upgrading, from what i can see with my nonprofessional eyes, and i want a place i can upgrade over time. i just don't see why i should pay up front for an inspection. the realtor says it would help me determine what to offer, but he has given me a list of homes sold in the area, and other houses on the market, so i feel i have a fairly good idea of what to offer.
I am seeing more pre-contract home inspections in my area, especially at high end price points. Some buyers want to know the condition of the property upfront before they make an offer rather than agreeing to price and terms and then having the inspection blow it apart.
Such buyers have more than likely gone the traditional route only to become disappointed with the findings or have lost a house because the owner refused to address the issues or credit them back, at closing.
Either way, the buyer is out the cost of the inspection, if the issues cannot be resolved.
There may be merit in losing an inspection fee up front rather than putting substantial earnest money at risk.
I think we may see more of it.
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.
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.
