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Old 05-08-2014, 02:06 PM
 
988 posts, read 1,589,751 times
Reputation: 1078

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Quote:
Originally Posted by arwenmark View Post
It sounds to me like that is your problem. The contract should be signed with contingencies for inspection before you pay for any inspection to be done.

You say the other way is common where you are, Well it shouldn't be. There is a right way to do these things, and the way you are doing it is NOT it.
It's the way in NY and it actually works quite well; you negotiate and resolve any potential issues upfront before going under contract, so there really shouldn't be any hidden surprises. Great for sellers because your property isn't tied up in contract when there's still potential a buyer can walk b/c inspection issues, and good for buyers because you know exactly what you're getting into before you plunk down earnest money and go under contract. It's an eyes wide open transaction, and considering the very expensive cost of housing in NY, it's a minor amount of $$$ to consider in relation to the price of the house.
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Old 03-19-2017, 05:53 PM
 
8 posts, read 5,111 times
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Quote:
Originally Posted by Electrician4you View Post
Wows who puts money in a inspection of a house without a contract? In California nobody does anything until the bid offer is accepted and house goes under contract. I wouldn't pay for a inspection unless my bid offer was accepted. To me its just pissing 4-700 bucks away.
this has now changed. Sellers and lawyers require inspection prior to signing contract
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Old 03-20-2017, 11:12 AM
 
1,315 posts, read 1,353,923 times
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this has now changed. Sellers and lawyers require inspection prior to signing contract

I'm not sure where you came up with this. I just (last month) sold a property: signed contract (both parties) with an inspection contingency came first, then inspection, then negotiating over the results of the inspection, then another signed contract (both parties) agreeing to the results of the negotiation. Lawyers are not typically involved in CA RE transactions.
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Old 03-20-2017, 10:37 PM
 
Location: Needham, MA
7,615 posts, read 11,890,904 times
Reputation: 6880
Quote:
Originally Posted by semispherical View Post
this has now changed. Sellers and lawyers require inspection prior to signing contract

I'm not sure where you came up with this. I just (last month) sold a property: signed contract (both parties) with an inspection contingency came first, then inspection, then negotiating over the results of the inspection, then another signed contract (both parties) agreeing to the results of the negotiation. Lawyers are not typically involved in CA RE transactions.
Based on their posting history, it looks like Styzzz lives in NY state. My understanding (from friends who live in NY) is that they get an offer accepted but it's not binding. Then the inspection happens and then they go to contract. They do things in NY differently than the rest of the country.
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Old 06-24-2017, 09:47 PM
 
Location: Somewhere in America
13,944 posts, read 13,208,479 times
Reputation: 24437
Quote:
Originally Posted by amyla View Post
I am in NY-I am talking about if the inspection is done but the contract has not been signed yet-thats how it is mostly done here-inspection first, then contract-
I also live in NY....have bought and sold several times. I have ALWAYS had a signed contract prior to any inspections. What part of NY are you in? This is a huge state.
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Old 06-24-2017, 09:50 PM
 
Location: Somewhere in America
13,944 posts, read 13,208,479 times
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Quote:
Originally Posted by amyla View Post
In NY generally, the realtor sends a binder with an offer-then the 2 realtors (with client input) negotiate. Once a deal is made, the buyer has an inspection. A lot of times buyers use the inspection to negotiate price-at least thats what seems to be going on the market here. Then you have the sellers attorney send the contract over. You c
an also sent contract contigent on the inspection-most do the inspection first without starting with the lawyers-

I know before contract is signed you legally have nothing but no one generally spends the $500-800 on inspection unless you have a verbal through the realtors-its more of a moral question than legal-thanks
This is not the case in ALL of New York STATE. This is not the case in the Capitol Region, Central NY, Finger Lakes Region, or the Rochester area. I've never paid more than $450 for an inspection in any of these areas of NY.
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Old 06-24-2017, 09:51 PM
 
Location: Somewhere in America
13,944 posts, read 13,208,479 times
Reputation: 24437
Ugh....gotta love when someone brings back a thread from 5 YEARS ago.
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