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Additional Details
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Bill B | Is my realtor yankin' my chain? |
I'm in the process of shopping for a new home, and I'm finding myself doubting my realtor. I've found a place I like, but it's very old and I would like to have an inspection done prior to making an offer, so I can feel free to back out for any reason, l even if I just have a bad feeling about the results. Naturally, my realtor disagrees and thinks I should make an offer contingent on an inspection, but I don't want to get into a situation where the inspection finds nothing major but finds enough that I just don't like. I suspect that he may be trying to strengthen his case by saying that another couple has made an offer through the listing agent, and that I could still make an offer so that both could be presented at the same time. Of course he says that he cannot obtain any information about the offer, but that he would sure hate to see me miss out and reminds me that doing a pre-offer inspection is unorthodox.
Is there any way to know if there really is another mystery offer? |
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Rocket J Squirrel
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Yes and no. Yes, he's yanking your chain about the other mystery offer. Real estate agents *always* claim there's another offer. But he is being accurate when he says a pre-offer inspection is unusual. The seller has no obligation to perform an inspection until you make an offer and specify that it's contingent upon the inspection.
The worst case scenario is that there really is another offer and it has no inspection contingencies. Sometimes buyers are so desperate they will waive inspection. |
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farrarsanchez
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I've never heard of a pre-offer inpection but that doesn't mean it doesn't happen. I do know you can make an offer, contingent on the house inspector's findings. If you don't like what the inspector says, you aren't held to the offer. Doesn't have to be something major, unless the offer is written up that way. |
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Paul in San Diego
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Your realtor is not jerking your chain. The offer contingent on passing inspection is standard and actually in your best interest. Inspections cost a few hundred dollars. If you had the inspection and it passed with flying colors, but the seller accepted the other offer in the mean time, you're out the money for the inspection.
If the home doesn't pass inspection to your satisfaction, that's your out, based on the contingency. In the mean time, you'll have your offer in and being considered by the seller.
By law, a seller's agent must inform all parties if there are multiple offers. Some even go as far as to describe what kind of offers they are (especially if they're above the listing price or a cash-only offer - this then puts the pressure on any other buyers to submit higher offers in order to get the property). Also, when multiple offers are submitted, the seller's agent must ask for all buyers' final and best offers (this creates a bidding war). If you don't submit a final and best offer, your initial offer expires and only those who submit final and best offers are still in the running. |
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thebigcheese1993
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It is quite possible that there is another offer on the table. It is confidential to the Seller, the Prospective Buyer and the agents. A complete Home inspection is a tool to let you know the condition of the house. However you should not use it as a tool to back out of an agreement for any reason. Especially since you will be paying for the inspection up front. What the inspection does is shed proper light on the condition of the house. If there needs to be repairs made, you may negotiate them from the price. Either the seller will make all necessary repairs and continue with the listed price or you can ask for allowance left in escrow to make the repairs yourself. A pre-offer inspection is not usual. Your best bet, is to make an offer contingent on a physical inspection. It lets the sellers know you are a serious buyer and not just a Looky-Loo! |
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MJT
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I would make the offer contingent on the inspection. Have the paperwork drawn up in such a way that says you have the right to back out if the costs of fixing the property would exceed what you want to spend in order to make it inhabitable. Good Luck! |
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Jennifer S
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If you don't feel comfortable with your realtor then get a different realtor. They are all desperate right now because the market is so bad. Of course, we don't know your realtor so we don't know if she's lying... |
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Ed L
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When you purchase anything it should be checked out first. If you are serious about purchasing a home then the final thing to do before an offer is to inspect it. ONLY if you're really interested because inspection will cost$$$. |
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somebody01
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that is not sounding right to me if he or she does not want you to get an inspection that prob means that there is something wrong with the place they are not telling you about ..... if they were like yeah go get one then if there was nothing bad to find it would only increase his chance of selling the house to you ...... bottom line get a inspection |
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adp_14
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Is it a buyer's agent or a seller's agent you are working with? It's important to always remember who the agent is working for. If it's a seller's agent, he/she is not under any obligation to disclose a lot of things that a buyer's agent would tell you as a matter of course.
If it's a seller's agent, remember that they work for the seller, NOT for you. If you;re not sure who they work for, ask them flat out who they represent, you or the seller. If it's a seller's agent, just remember that he will be pressuring you to put in as high an offer as he thinks you are willing to as fast as you can. he wants to sell to you at the best price he can, not get you the best deal he can. |
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