Depends on the market…that being said, inspections by most are over rated but at least provide a contingency to get out of a sale if needed.
Home Buyers Skipping Home Inspection?
- Thread starter SwampSurvivor
- Start date
I have been burnt by home inspectors both on the selling and buying end of it. I am not knocking the industry. I KNOW their are good ones out there and there is generally going to be value in having an inspection done.
My personal experience with them is the buyer mainly uses an inspection as a way to lower their offer. If you are reasonably savvy, you know the weak points of what you are buying and what needs to be updated. An inspection puts it all in black and white and makes it 'official'.
I did my own "inspection" on our past and present homes and it was the only way my offers were accepted instantly, because they had multiple offers, pending an inspection.
I know the signs of a wet basement and ways people try to mask it. Plumbing issues, electrical service, wiring, roofing, poor grading, etc..
My personal experience with them is the buyer mainly uses an inspection as a way to lower their offer. If you are reasonably savvy, you know the weak points of what you are buying and what needs to be updated. An inspection puts it all in black and white and makes it 'official'.
I did my own "inspection" on our past and present homes and it was the only way my offers were accepted instantly, because they had multiple offers, pending an inspection.
I know the signs of a wet basement and ways people try to mask it. Plumbing issues, electrical service, wiring, roofing, poor grading, etc..
For sure. I know a lot of what to look for. It seems a lot of people I spoke with mentioned that the home inspector is just to haggle on price or to back out if you found a better house. I know what to look for to discover covered up issues. Unfortunately, up here, a wet basement is just a way of life.
Oh - I meant in regards to me buying a new house.
This house will set off any obvious inspector. But I'm going to be listing it low enough and an "as-is" sale.
Have a lawyer draw up your sale documents. You can't "as is" everything, legally, and you'd want to disclose lead paint and other potential hazards. Your realtor might want to offer a home warranty where you're on the hook... say no to that. BTW don't pay them 6% in this hot market, everything is negotiable.
Someone could make an offer for your asking price with a home inspection as contingency. You can say sure. They can say well the home inspector found $8000 worth of necessary repairs, knock your price down. You can say no. Then they've blown the money on the inspector and probably still want your house.
There are a bunch of houses in very rural Maine that sold as-is last summer to cross-country shoppers who are probably regretting it now. They basically checked to see if they could get broadband internet then signed the papers.
Someone could make an offer for your asking price with a home inspection as contingency. You can say sure. They can say well the home inspector found $8000 worth of necessary repairs, knock your price down. You can say no. Then they've blown the money on the inspector and probably still want your house.
There are a bunch of houses in very rural Maine that sold as-is last summer to cross-country shoppers who are probably regretting it now. They basically checked to see if they could get broadband internet then signed the papers.
In Ontario, there is no way you will win a bid by adding a home inspection clause. Many people got burned in the past year and and half and many more will be burned when they find the issues that await them.
You mentioned you wanted to try to sell it "as is sale". That limits your buyers. It's either going to be an investor that wants to rent it out and it's going to pay cash. But that has to work out financially for what he has to put into it and what the rent is going to be. In the price range you're probably talking, the other buyers mortgage company would require a lot of things to okay a loan. I meaning stair railing heights, electrical plugs grounds. All the plumbing would have to be right , etc .
You said you have a budget of $180,000. How much do you owe on your mortgage. Could you bring in 55 truck loads of sand and bring the elevation up. I'm talking about tearing down the structure that is there now, and dropping a modular on your property.
How is your well and septic ? Do you have natural gas or propane ? If you have propane that drops the value of the property, in my neck of the woods propane costs about four to five times as much as natural gas.
Just things for you to kick around . They can raise house also , as high as you want .
You said you have a budget of $180,000. How much do you owe on your mortgage. Could you bring in 55 truck loads of sand and bring the elevation up. I'm talking about tearing down the structure that is there now, and dropping a modular on your property.
How is your well and septic ? Do you have natural gas or propane ? If you have propane that drops the value of the property, in my neck of the woods propane costs about four to five times as much as natural gas.
Just things for you to kick around . They can raise house also , as high as you want .
Also watch out for collusion. I swear some home inspectors get kickbacks from contractors, they find a problem and recommend a contractor to new buyer saying that only they can do the work. Seller is left with no sale or use the contractor
Yeah, home inspectors in our state can't make recommendations.
Similar threads
