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It helps if there is an informative disclosure document. And if you can spend sometime either poking around yourself or if you can bring a contractor along with you to give an unofficial evaluation before you write the contract. But yeah tough when everything is rushed.
So how should I word it in the contract? “Buyer is purchasing as-is without repairs, property is contingent upon inspection” ??
Here in tx we have an option period. You pay a small fee in return for the unrestricted right to terminate.
So when your agent writes contract, just have her put a short option period..7 days or less, and you pay a 50.00-200. Option fee. Get inspection done during this time period and either continue with contract and that money is credited back to you at closing or terminate, and you lose that money but get earnest money back.
Last edited by Spottednikes; 09-07-2019 at 10:48 PM..
I have not had an inspection on at least 3 homes. But they were about 5-7 years old. I knew the neighborhood. I had my grandchildren turn on every light in the house, open every door, flush every toilet, turn the shower on, faucets in sinks on. While I walked around...I sniffed the air....I can smell mold a mile away, if it bothers my breathing we are out. You can tell when someone takes care of a home and when they do nothing. I even bought a foreclosure that way, because it was a mom with 3 kids, Dad left them. She tried for a year to make it work and lost her home. People who wanted to buy the home offered low because it looked like problem with the ceiling, but I grew up with a Dad who built his own homes. I knew they put too much sealant and a small amount gooped out. I was right no ceiling damage removed excess it was perfect. A few roof tiles off meant to everyone else new roof. I had the roof tiles replaced roof is still fine 7 years later. Carpet was dirty they said it needed to be replaced, I had it cleaned lasted another 4 years before replacing it with wood. Range needed replacing and so did the garbage disposal. Both things I could tell with my eye and by turning on a switch. There was a hole in drywall in back of kitchen counter. Again a simple fix. The house has doubled its value. I use it as a rental and all my tenants have loved this house. It has a huge back porch, loads of windows, open floor plan. Outside I looked for cracks in cement on foundation of house.
I also talked with the neighbors.
I saved the money on the inspection and used it for the upgrades like new range.
So how should I word it in the contract? “Buyer is purchasing as-is without repairs, property is contingent upon inspection†??
Are you writing up the offer yourself and not using the standard contract for your area? That’s another red flag to a seller and their agent, and likely another reason your offers are not getting accepted. They’re not taking you seriously.
I don't think *most* people should buy *most* houses without inspection, but there are exceptions. The exceptions almost always have more to do with the skill and budget of the buyer than simply how competitive the market is. Desperation to get into a place is the wrong reason. Unless you're a pretty savvy handyman or have a pretty big budget for the unexpected, that's not where I would give up my options.
My uncle bought a house for 2.4mm with no inspection...........why? Because he tore it down!
I bought my first house with an inspection, I didn't tear it down but I had a ton of remodeling to do. The inspection found the master bath shower pan was leaking, the sellers credited me with a few hundred even though I was gutting it! It was free money at that point.
Yes actually I am also sending a notice that gives me the right to terminate if the lenders appraisal is below the offer price. Do you think that’s why sellers are declining my high offers?
Instead of an explicit mention of the appraisal--which makes it sound as if there will be a good likelihood that the sale will not go through--consider a more generic financing contingency which will still cover you yet not sound as bad.
Quote:
Originally Posted by peta2013
IMHO do not ever waive the inspection. From defective pipes to mold infested Chinese drywall - you can run into HUGE issues in houses. Now will every inspector find things? No. But they have insurance for "errors" that you can go after if they were negligent.
A cautionary note: some contracts with inspectors limit damages to the cost of the inspection.
Instead of an explicit mention of the appraisal--which makes it sound as if there will be a good likelihood that the sale will not go through--consider a more generic financing contingency which will still cover you yet not sound as bad.
A cautionary note: some contracts with inspectors limit damages to the cost of the inspection.
As far as i know, in tx all licensed inspectors have that clause in the inspection report.
We have this in our "As Is" contracts: am I reading that many of you in other States do not?
PROPERTY INSPECTION; RIGHT TO CANCEL:
(a)
PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have ______ (if left blank, then 15) days after Effective Date ("Inspection Period") within which to have such inspections of the Property performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer's sole discretion, that the Property is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period. If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under this Contract; however, Buyer shall be responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the Property resulting from such inspections, and shall provide Seller with paid receipts for all work done on the Property (the preceding provision shall survive termination of this Contract). Unless Buyer exercises the right to terminate granted herein, Buyer accepts the physical condition of the Property and any violation of governmental, building, environmental, and safety codes, restrictions, or requirements, but subject to Seller's continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any and all repairs and improvements required by Buyer's lender
A cautionary note: some contracts with inspectors limit damages to the cost of the inspection.
Unfortunately true.
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