Buying Co-op Cash - Inspection & Appraisal? (contingency, clause, negotiations)

[looksrich]

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)

[rjrcm]

Originally Posted by looksrich

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.

[MMichelle]

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.

[middle-aged mom]

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.