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rachie | Should we get a home inspection? |
So we won the bid for a HUD home and we plan on getting an inspection done. My question is, we already know the home is "as is", so if we put it in the contingincies, that we are doing an inpsection, on what terms can we back out? does it have to be something major for them to let us opt out, or can it be any minor flaws we don't want to deal with?
This home is newer (1998) and looks pretty nice, so do you think it would be sufficiant to have a friend who is a builder, come out and we do a inspection on our own (ie check the attic, etc. for mold, check for major flaws, etc.). would HUD let us opt out if we found this stuff on our own or would it have to come from a lisenced inspector's report?
So should we go for the real home inspection or do you think it would be good enough to inspect the home ourselves with the help of some knowledgable friends (since HUD wont make any repairs anyways)?
Additional Details
we did go though a realtor. we are just debating weather an inspection is going to be worth it, like will it acctually get us out of the contract of an "as is" home. we did put it in the contingincies we will be getting an inspection and they gave us 15 days for one, but im not sure if that will even get us out of it should he even find anything. |
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Landlord
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As is means they will not repair or credit you for any problems found.
However, you at least want to know what you are buying, I would have an inspection. And from an inspector, not a builder. That is worthless, he is completely unqualified. |
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DeeDee
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There are still "as is" contracts. The Buyer still has the right to do an inspection and back out of the deal ONLY if this is a contingency in the Contract. |
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acermill
|
By ALL means have a professional inspection done. Many offers to purchase indicate clearly that a home inspection must be done by a licensed professional in order to "kick in" the inspection contingency clause, which is what you would use to opt out if you found a serious problem.
You are correct in that HUD won't make any repairs, but do you REALLY want to buy this place if it happens to have a major and well hidden problem ?
As far as Mr. Anti-Realtor above, I will agree that he's an idiot. If he knew anything about a HUD purchase, he would realize that ALL HUD properties are handled by real estate brokerage, and the commission is going to be paid, whether YOU get your own realtor or not. (That made me feel MUCH better.) |
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datsleather
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Go with the real LC. inspector and then have the content if he finds something major like termites or bad wiring or Leakey pies or a Leakey roof. Lots of luck |
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ronidl76
 |
HUD won't believe your builder friend, even if he was a licensed inspector. Better to have a third party inspect for validation.
What if the inspector does find mold, or plumbing, heating, AC problems that could all be a very costly fixes. Did you put a stipulation on your offer? As in, we inspect, and if estimated fixtures are over $10,000, we hold the right to opt out? |
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I'M Here To Save The Day
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Have the inspection done,if something is found you have the right to opt out....or have the problem corrected and a better price for buying the house..As is ...means the seller is not liable,for any known problems.Plus insurance on the house is a big factor... |
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seahawks_fan1220
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Not getting a home inspetcion can be a disaster on any property new or old. I would pay the $300-$500, depending on where you live, for a complete written inspection. Do NOT get a verbal report from the inspector, you will not be able to get out of the contract without written proof of the inspection. An AS IS property is just that but with a home inspection you can budget better for what repairs you may have to make. Electrical, plumbing, foundation, roof ect. You may want to check with your state requirements to see if a home inspector has to be licensed and HUD certified, they vary state to state. And don't go for the cheap inspection, you'll get what you pay for. My suggestion would be call AmeriSpec Home Inspection Service. But that's just my 2 cents. |
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NevadaHomes
 |
Hi rachie,
Yes, hire a licensed home inspector.
First, you are investing a lot money in purchasing a home. The cost of a home inspection is minuscule. Knowing what to expect prior to buying a home is priceless.
Second, having an inspection report done by licensed inspector speaks volume. Your purchase agreement should have an inspection contingency that will allow you to cancel escrow in an event of major defects found by your licensed inspector. |
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imnickdell
 |
get it inspected this way you know what your going to have to deal with |
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Scott V
|
Definitely have an inspection done by a licensed and insured home inspection company. Expect to pay $150 - $500 =/- depending on what part of the country you are from.
The important thing to remember here is that you are getting this inspection for your protection! I hope that you have an escape clause in your purchase agreement stating that you are not obligated to purchase if the home doesn't pass the inspection. If termite damage, black mold or foundation issues are a noted, the repairs could be costly enough that you would have far more invested in the home than it's worth.
And finally, beware any realtor who advises you to have a realtor involved in your transaction. Your money is better spent on a real estate attorney. The realtor will say that their commissions are paid by the seller but in reality, it is passed on to you, the buyer. Their commissions and additional junk fees from their broker (doc prep, administrative, etc,) Can run over 7% which on a $200,000 purchase, adds $14,000 to what you will have to pay over the life of your loan. Add in the interest and finance charges over 30 years and it will make you ill.
Hope this helps. |
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heyteach
 |
"The only repairs HUD will even consider are major component problems, and it is not guaranteed that HUD will fix those. "
http://www.mibor.com/resources/faq_homebuying.asp
And from HUD:
http://209.85.173.104/search?q=cache:mISQkk-bhywJ:www.hudclips.org/sub_nonhud/cgi/pdfforms/99-32att.pdf+HUD+home+%22as+is%22+what+if+inspection+reveals+major+damage%3F&hl=en&ct=clnk&cd=5&gl=us
I believe you are SOL. Absolutely for "minor" repairs and possibly for major ones as well. The time for the inspection was BEFORE making an offer--even if you had to bring an inspector WITH you. When I've gone to auctions, I've seen folks who have sent an inspector and during the period you look before you bid, the inspectors are doing their job and letting the potential buyer know what he's getting.
As it appears the house is yours no matter what, you might as well let your friend give you his views, fix it up, and then you can have a professional inspector come through and hopefully give you a clean bill of health.
Good luck. |
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Henry
|
There is no such thing as an AS-IS house. A standard real estate offer already has a built-in contigency for inspection, unless it has been removed.
A builder friend is not sufficient. Don't be cheap with a large investment like this, GET AN INSPECTOR. They're only about $400 bucks or so, but make sure you get someone who knows his job inside and out. Ask for recommendations from people, especially your Realtor.
Again, I've seen so many people lose fortunes over a simple failure to do an inspection. It's not an option, you MUST do it. I don't care if the home was built yesterday, DO IT.
By the way, just to add, this is what the HUD website has to way about it:
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems. |
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megadisc
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definitely..
good for health and family |
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Expert Realtor
|
If the home is being sold "as is" the seller IS INFORMING YOU that they will NOT agree to an inspection contingency.
That means that if you want to make an offer, they cannot, by law, FORBID you from getting an inspection, but what the inspection finds WILL NOT get you out of the contract, even if it's $20K worth of damages.
AS-IS, means, AS-IS, and usually the seller (HUD) is aware of the problems and have priced the home accordingly.
You need to get an inspection BEFORE making an offer (HUD will allow it) to see if there are any major components inferior that will cost you big bucks later.....you can't do it post-contract, b/c legally, it won't help you.
Whether or not he is licensed, as far as as-is offers goes, is irrelevant. Sellers have the legal right to state that they will NOT entertain an inspection contingency.
Since the sellers are selling the property as-is, you can save about 50% of the cost of the inspection if the inspector doesn't have to write a report...just meet him out there, have him look at the property, and then just verbally tell you what is wrong....that is a good way to get an inspection, get the information you need, if the ONLY purpose is for YOUR personal knowledge only.
You can't check for mold yourself if you don't have a meter.
PS: Don't buy these homes that are flawed without a Realtor....because HUD won't give you a 3% discount for not using one, so you mine as well get someone that knows what they are doing...people think that they will get a better price on the home if they don't have a Realtor and they don't....the seller just pockets what they have already budgeted for.
Henry is wrong....anyone who has dealt with HUD homes in the field knows that HUD won't make repairs, and yes, there IS a such thing as an AS-IS home, and where the sellers won't do an inspection contingency. You can submit any offer you want, but you'll get it countered with the inspection contingency allowance REMOVED.
HUD homes, again, are usually priced according to condition, that is another reason why they don't make reparis. |
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