Home selling/buying anxiety

[Wolf359]

Originally Posted by supton
The bank will still want you to pay for one, but ideally, right during the first walk through, you should be looking for all the problem areas, and any red flags that need follow up on any subsequent walk throughs.


Bank doesn't care if you do an inspection or not. That's why we sometimes get offers with no contingencies, no home inspection, no finance contingency, cash deal, close in 3 weeks.

 

[supton]

Originally Posted by Wolf359
Originally Posted by supton
The bank will still want you to pay for one, but ideally, right during the first walk through, you should be looking for all the problem areas, and any red flags that need follow up on any subsequent walk throughs.


Bank doesn't care if you do an inspection or not. That's why we sometimes get offers with no contingencies, no home inspection, no finance contingency, cash deal, close in 3 weeks.

Oh? Err... If it's a cash deal then why would the bank be involved, other than to handle the transfer of money? I know you do real estate, but something doesn't add up here.

I suppose I should clarify my position, if you have to take out a mortgage then my assumption is that the bank wants an inspection. They afterall are the ones "owning" the house for the near (long?) future.

 

[Wolf359]

Originally Posted by supton
Originally Posted by Wolf359
Originally Posted by supton
The bank will still want you to pay for one, but ideally, right during the first walk through, you should be looking for all the problem areas, and any red flags that need follow up on any subsequent walk throughs.


Bank doesn't care if you do an inspection or not. That's why we sometimes get offers with no contingencies, no home inspection, no finance contingency, cash deal, close in 3 weeks.

Oh? Err... If it's a cash deal then why would the bank be involved, other than to handle the transfer of money? I know you do real estate, but something doesn't add up here.

I suppose I should clarify my position, if you have to take out a mortgage then my assumption is that the bank wants an inspection. They afterall are the ones "owning" the house for the near (long?) future.


Sorry, those are pure cash deals. We also do them where it's just a naked offer where they're getting a mortgage, but there's no contingencies at all, they just know that they're going to qualify for the mortgage and they have cash in case it falls apart. Again, banks don't care if you don't do an inspection. People waive them all the time and they just do finance contingencies.

 

[Fawteen]

Originally Posted by supton
I suppose I should clarify my position, if you have to take out a mortgage then my assumption is that the bank wants an inspection. They afterall are the ones "owning" the house for the near (long?) future.


No. The bank wants an appraisal, not an inspection. The appraiser formulates an opinion of the property's value for the lender, while the inspector educates the buyer about the condition of the home and its major components. Two entirely different animals.

 

[Wolf359]

The appraisal is required by the bank and they order it. They make the buyer pay for it. They are in and out in 5-10 minutes, but a home inspection could take a few hours.

 

[supton]

Yep, our town does apprasials periodically and it's a few minutes. Don't recall what the bank did for theirs but I don't think it was. Probably more of going off comps. But our inspection was at least 2 hours, and we looked at an inspection report that must have taken twice as long, and had a pretty decent writeup afterwards.

Just confirmed today that at least on my (future?) purchase I won't have to make my house purchase contingent on selling mine--bank is ok with me carrying two mortgages. I'm not ok with carrying two but my budget would balance if I had to.

 

[supton]

Ooh... I'm giddy.

House came on the market that looked good, I think on Saturday. We looked at it Sunday morning. Mulled it over, put in a bid on Tues or Wed. Accepted Thurs night.

Scheduled the inspection for this upcoming Thursday; as radon hadn't been tested I elected to do that, and I suspect that will drive me nuts until it comes in. Tentative closing middle of August but we're going to push as fast as we can (house is empty so no issues).

It has a garage! As a 7' door I suspect my truck is too big to work on inside it, but... a garage!

 

[Skippy722]

Originally Posted by supton
Ooh... I'm giddy.

House came on the market that looked good, I think on Saturday. We looked at it Sunday morning. Mulled it over, put in a bid on Tues or Wed. Accepted Thurs night.

Scheduled the inspection for this upcoming Thursday; as radon hadn't been tested I elected to do that, and I suspect that will drive me nuts until it comes in. Tentative closing middle of August but we're going to push as fast as we can (house is empty so no issues).

It has a garage! As a 7' door I suspect my truck is too big to work on inside it, but... a garage!


Congratulations! I hope all goes well for you!

I gave up my 600+ square foot garage (It was literally half the size of the house) when we moved, we park outside now... but there's a nice sized 2 car garage over on the other side of the house I'm free to use whenever I want.

 

[alarmguy]

Originally Posted by supton
I suppose I should clarify my position, if you have to take out a mortgage then my assumption is that the bank wants an inspection. They afterall are the ones "owning" the house for the near (long?) future.


No. The bank wants an appraisal, not an inspection. The appraiser formulates an opinion of the property's value for the lender, while the inspector educates the buyer about the condition of the home and its major components. Two entirely different animals.

Correct bank could care less about an inspection. Bank itself orders an appraisal and termite report.

Buyer is not required to get an inspection and the seller is not obligated in anyway to make repairs based on a buyers inspection report.

When you sell a home, its sold as is to the buyer. If the buyer uses a bank to lend money on it, the appraiser and termite inspection already determined the value. If you want to see a home and a bank is involved that is one thing the bank will insist on, no termites and if so proper treatment.

The seller is not under any requirement to make any repairs but if he wants to sell the home to that buyer he will need to address issues important to the buyer, if unreasonable the seller can tell the buyer to take a hike. The seller controls the deal/sale, the buyer determines if the home is worth it to them and proceed to buy it or not.

 

[JTK]

The seller is not under any requirement to make any repairs but if he wants to sell the home to that buyer he will need to address issues important to the buyer, if unreasonable the seller can tell the buyer to take a hike. The seller controls the deal/sale, the buyer determines if the home is worth it to them and proceed to buy it or not.

This is mostly true and it's how I've sold a home or two. The only exception being if the home is on a well or septic system and those systems don't pass your county's health department inspection. The only way you can sell the home is to make the required repairs or replace the system(s).

~12yrs ago, we had the misfortune of selling our home during the wettest spring season in 100yrs. Our septic system didn't pass the health departments dye test. $8000 for a new system and that was quite the deal even back then.

 

[nomas]

Don't get too excited about the deposit . Most of the time they get it back anyway .