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JaCksOn | How come they want a bid on a house then have a home inspection? |
don't you want to know whats wrong first and adjust the bid accordingly.just like buying a car,you see there price and go to a shop to check it out and then haggle over the price of whats wrong?I would like to buy a house but i dont know the ins and outs yet.yes ive been watching that home network stuff for tips and any tips you can offer will be appreciated,looking in wisconsin,for additional info for standards or laws thanks |
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walidmrealtor.com
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I can understand where you're coming from. Most Real Estate contracts have written language called contingencies. A contingency will spell out what happens if something else does or does not happen.
Knowing this lets look at inspections.
You have negotiated the lowest price you are willing to pay for the home and it has been accepted. Next you hire an inspector to let you know the condition of the structural, electrical and mechanical systems in the home.
Most offers are written contingent upon the home being in good condition. If there are repairs needed these can now be negotiated - you may decide you can do the repairs and wish to lower the price, the seller may say they will perform all / some / or no repairs. Everything is negotiable.
Repairs are just the next hurdle to be handled by you and your real estate professional on the way to you owning your home.
Check with your local Realtors Association (http://www.wra.org/) and they can let you know how inspections are conducted and performed in your State and Area. |
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lepr0kan
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You put a bid in with a stipulation that if the inspection comes back with things wrong you can get out of the contract, say if the repairs would cost over $500 and you make it so the owner has to pay those repairs. Once your offer is accepted and signed by both parties then you get a home inspection. This may seem weird to you, but why would you want to do the inspection first, paying a couple hundred dollars to then learn when you make an offer that the sellers won't accept. |
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regerugged
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It is better to pick the house you want, then have a home inspection. You, as the buyer, have to pay for a home inspection. I am sure you won't want to do it more than once.
Just make the offer of sale contingent on the home passing inspection. Then you can either back out of the deal or adjust the sales price based on the cost of any needed repairs. Or let the owner have repairs done before the closing...and at the owner's expense. |
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glenn
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First: The buyer wants to choose and pay for the home inspection so that they have full control of who does it and how it is done. They also want to escort the inspector so they can talk to them and ask questions while still at the house.
Second: The buyer wants to lock the house down and not allow anyone else to buy the house out from under them while they are having the home inspection done. So this means you want to have a contract all negotiated and accepted before you spend this time and money. You will of course have negotiated an out if the inspection does not go well. |
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daeve930
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You find the house you want, make an offer to purchase (your bid) and include in it all contingencies. You may need a contingency to sell and close on your current home, but you will want a contingency for a satisfactory building inspection. If the inspection turns up items you want fixed, you put the requests into a counter-offer. The seller has the options of agreeing, declining or making another counter-offer.
Are you working with a real estate agent? If not, I'd reconsider and get one. You wouldn't cut your own hair, would you? That'll grow back in 6 weeks. Why would you make the biggest investment you'll ever make without professional advice. No, I'm not a real estate agent. I'm in the mortgage business. |
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Big Daddy Lou 09
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In NY when your bid is accepted you get an inspector to check the house out ASAP...then if there are any problems you do what is called a sellers concession....where they will lower the price or they will fix the problem....it will depend on your agreement with the seller....your Realtor should have the answer for you. |
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Ross
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The price is the first thing you want to agree on. Once you agree on a price you but in contingencies into the contract stating upon home inspection, as well as other contingencies you may want. If the inspection isn't acceptable to you and/or the owner won't fix or adjust their price because of the results of the inspection than the contract can be canceled. |
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frankie77
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All good answers so far. It is correct that the inspection is done once you have a contract. Of course, you do not want to pay for an inspection before you even know if the house will be yours. Wasted money. A lot of first time buyers bring along a parent or friend that has some knowledge of construction or home repairs. They might spot problems before you make an offer. You always want to have the whole house inspection as soon as you get the contract. You want to have plenty of time to ask for repairs or concessions. |
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americannationwidemtg
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Home buying doesn't work like that.
You fisrt decide what you are willing to pay for the home, then when a contract is accepted, a home inspection is done.
After that, you then have to sign off on the inspection, which then allows the contract to move on. If, after the inspection, but before you sign, you feel there is something not completely right or something that absolutely must be fixed before you purchase the home, you then can stipulate it to the seller. Like an IF/THEN type of thing.
Good luck, hope that helps. |
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bud68
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No - they want an inspection so that the seller must fix any defects before the sales goes through. |
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Expert Realtor
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Because when you bid on a house at auction, you typically are not permitted to do an inspection and having one done post-auction, regardless of the condition of the property, will not get you out of the auction contract to buy.
You can't buy a home at an auction with any contingencies...that is why they are being sold at auction.
It is not the same process as buying on the open market. |
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