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Old 07-25-2010, 04:53 PM
 
220 posts, read 701,720 times
Reputation: 63

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As I understand since cash, no appraisal..

I want an inspection clause in the contract.. since there is no bank, am I solely responsible for this?

Do I find the inspection company or does my lawyer? (I'm not using a buying agent, but am dealing directly with listing agent.) Thanks. (Property is in NJ)
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Old 07-25-2010, 05:05 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,582,493 times
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Quote:
Originally Posted by looksrich View Post
As I understand since cash, no appraisal..

I want an inspection clause in the contract.. since there is no bank, am I solely responsible for this?

Do I find the inspection company or does my lawyer? (I'm not using a buying agent, but am dealing directly with listing agent.) Thanks.
You can always request an appraisal contingency even if paying cash, but it will diminish the leverage that cash gives you in negotiations. Recommended if there is any question of market value.

Same for inspection - you can ask for it, and highly recommended. Banks don't require home inspections even if a loan was involved. Banks will require an appraisal, which is not an inspection.

You find the inspection company.

These questions are why you should be using a buyer agent.
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Old 07-25-2010, 06:52 PM
 
Location: Colorado Springs, CO
1,570 posts, read 5,987,926 times
Reputation: 1405
RJRCM is right on target. I'd also clarify - if you were using a bank - you would pay for the inspection and the appraisal.
Doing a cash transaction without a buyer's agent is a bit scary unless you are a very seasoned real estate buyer. Most seasoned buyers use buyer's agent b/c they know they will receive service and not have to pay for it.
Best wishes.
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Old 07-26-2010, 08:36 AM
 
Location: Barrington
63,919 posts, read 46,748,172 times
Reputation: 20674
The listing agent is looking out for the seller's best interests? Who is looking out for your own?

You need education. If it's not too late, get your own agent. Else have your attorney explain the contract and process.

Inspections are common regardless of how you pay for the place.
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