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Old 07-20-2009, 11:35 AM
 
Location: Long Island, NY
302 posts, read 905,900 times
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I put an offer on a house today, but was out bid by someone at or very near asking price with an all cash offer and did not require an inspection. This was not a short sale or forecloseure and was pretty much turn key. Does this strike anyone as odd?? Also it has been on the market for a while. Why would anyone not want an inspection??
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Old 07-20-2009, 11:42 AM
 
Location: under the beautiful Carolina blue
21,028 posts, read 31,507,102 times
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When my sister sold her house last year the buyers did not request an inspection. I have no idea why. We orginially thought they might want to tear down the house but it's over a year and the house is still there.

I also know some people who've bought houses who are in the building trade and they usually don't request one either since they are pretty sure they can see any problems. Whether that is true or not, I don't know, but like I said I know several carpenters/builders/etc that bought without inspections.
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Old 07-20-2009, 11:49 AM
 
270 posts, read 910,743 times
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Quote:
Originally Posted by twingles View Post
When my sister sold her house last year the buyers did not request an inspection. I have no idea why. We orginially thought they might want to tear down the house but it's over a year and the house is still there.

I also know some people who've bought houses who are in the building trade and they usually don't request one either since they are pretty sure they can see any problems. Whether that is true or not, I don't know, but like I said I know several carpenters/builders/etc that bought without inspections.
These are the only two reasons I can think of why someone would go through without an inspection. Otherwise you've got everything to lose.
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Old 07-20-2009, 12:00 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,026,396 times
Reputation: 7295
Quote:
Originally Posted by MDtech123 View Post
I put an offer on a house today, but was out bid by someone at or very near asking price with an all cash offer and did not require an inspection. This was not a short sale or forecloseure and was pretty much turn key. Does this strike anyone as odd?? Also it has been on the market for a while. Why would anyone not want an inspection??
I assume you don't know if this is a FACT and do not know who supposedly made this wonderful offer.

When you were told this, did the person who told you this (a realtor I assume) encourage you to bid higher or did they just say that the other offer has been accepted and you might as well look elsewhere?
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Old 07-20-2009, 12:12 PM
 
Location: Long Island, NY
302 posts, read 905,900 times
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Well I was at the open house and overheard this couple tell the agent they wanted to go to her office to put in an offer. I called my realtor this morning to put an offer in and was told they got a first accepted yesterday but i could bid, and after I bid we got a call back saying that they were going with the first offer because it was all cash and did not want an inspection. Was also told yesterday by the sellers agent that there have been a few offers but all about 30k under asking.
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Old 07-20-2009, 12:38 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,026,396 times
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Quote:
Originally Posted by MDtech123 View Post
Well I was at the open house and overheard this couple tell the agent they wanted to go to her office to put in an offer. I called my realtor this morning to put an offer in and was told they got a first accepted yesterday but i could bid, and after I bid we got a call back saying that they were going with the first offer because it was all cash and did not want an inspection. Was also told yesterday by the sellers agent that there have been a few offers but all about 30k under asking.
Sometimes they play with people to whet their appetites and make people feel competitive over bidding on a house.

If in a few days, suddenly the "all cash no inspection" offer is off the table, beware as this may mean they have been trying to play you like a violin (e.g., trying to get you to bid higher than you originally felt the house was worth).
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Old 07-20-2009, 12:55 PM
 
Location: East Northport
3,351 posts, read 9,045,537 times
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An offer of all cash with no inspection will always be accepted over an offer that has a contingency for an inspection and a mortgage.

Sometimes people will make an offer without an inspection because they are knowledgable enough about houses that they have already checked out what is important to them and they know that it will make their offer stronger.
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Old 07-20-2009, 01:26 PM
 
Location: Long Island, NY
302 posts, read 905,900 times
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Well.. if the "alll cash offer" happens to fall through i'll go right back with my original offer. I wouldnt be surprised.
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Old 07-20-2009, 02:07 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,026,396 times
Reputation: 7295
Quote:
Originally Posted by MDtech123 View Post
Well.. if the "alll cash offer" happens to fall through i'll go right back with my original offer. I wouldnt be surprised.
How could an all cash, no inspection necessary offer possibly fall through?

LOL!
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Old 07-20-2009, 02:14 PM
 
Location: Long Island, NY
302 posts, read 905,900 times
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I mean if for some reason they back out or find something else...Just thinking positive here.
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