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In my house hunt, I paid for 2 inspections for 2 different houses, $600 a pop. Was worth every penny. First house I put an offer on had tons of problem that I would not have known without an inspector, and would have been a nightmare if I bought it. Money well spent.
It depends.
If your friend needs financing, the bank will likely require a termite inspection and an appraiser to verify the home's value.
A home "inspection" is usually contracted by the buyer to find unseen problems and negotiating power.
If she's a cash buyer? The risk is hers to take...
Many people do any inspections before signing contracts.
And yes, a higher accepted offer comes in and you are out any money spent, unless...
You up your offer enough to beat the other offer, which under normal circumstances you'll have no idea what it is because of confidentiality nonsense.
Yup. Happened to me. I was the opposite of happy with the whole process. I honestly think I'd rather beat my head against a wall for a few days instead of going through the home buying process again.
Food for though: I had a friend who was selling...a couple comes in and "loves" the home then brings in inspector. Inspector tells hims xxx and xxx needs fixed before contract is signed. He does it, costs him $2400 to only have people back out before signing contract. Just make sure you do any modifications AFTER contract is signed.
Food for though: I had a friend who was selling...a couple comes in and "loves" the home then brings in inspector. Inspector tells hims xxx and xxx needs fixed before contract is signed. He does it, costs him $2400 to only have people back out before signing contract. Just make sure you do any modifications AFTER contract is signed.
It's pretty likely that the next buyer's inspector would have found the same issues though
I don't know about anyone else but I'd be pretty pissed off if I spent 500-800 bucks on a home inspection and I got undercut by another buyer in that timeframe. Even more pissed if it happened more than once. I don't have piles of $500 laying around for multiple home inspections. There'd be broken knees and burnt down houses. I'd do the jail time just out of principle.
This happened to us... Paid $750 for an inspection and they guy came back a few days after stating that he accepted a higher offer.
Food for though: I had a friend who was selling...a couple comes in and "loves" the home then brings in inspector. Inspector tells hims xxx and xxx needs fixed before contract is signed. He does it, costs him $2400 to only have people back out before signing contract. Just make sure you do any modifications AFTER contract is signed.
When I got into this situation in AZ (I was the buyer), the seller asked me to sign a contract that I would pay X for the house contingent on the specified repairs being completed. FWIW. Worked out fine.
When I got into this situation in AZ (I was the buyer), the seller asked me to sign a contract that I would pay X for the house contingent on the specified repairs being completed. FWIW. Worked out fine.
But also on LI is the unusual practice of paying $500 to the buyer in lieu of disclosing anything. Sitting on a toxic site? Leaking buried oil tank? Basement that floods after rain? Dunno, here's $500.
But also on LI is the unusual practice of paying $500 to the buyer in lieu of disclosing anything. Sitting on a toxic site? Leaking buried oil tank? Basement that floods after rain? Dunno, here's $500.
It's basically a sellers insurance policy.
Sign off and give the buyer the 500 bucks and you're in the clear.
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