Buying A Home
GABride2010
member
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Intro and Q: Doing an inspection BEFORE putting in an offer?
Hi everyone! My name is Kelly, and I'm 26 years old. DH will be 29 in 2 weeks. We have been married for 3 1/2 years. We are currently renting a log cabin, but it is being sold. DH and I have the option to stay and rent this place, but we don't really like the people who are buying it. We are considering buying a house!
There is an awesome house 3/2 1500sq ft on 0.7 acres that is a HUD home (foreclosed -owned by housing authority) that we are very interested in. It is in a great neighborhood! Since this house is a HUD home, every month the price drops by 10% until it sells (for this house it will drop again on 10/19). We aren't sure how much interest has been shown in this house or how many people have looked at it. We want to wait to put an offer in after the 19th when the price will drop again, but we don't want to miss our chance on this house either! The house needs an inspection done, obviously, before purchase. Could we pay to have the inspection done before putting in an official offer? Thanks for your help!
Married 2-20-10 Dx PCOS 1-2013 Metformin 500mg 3x/day Will Start TTC Aug. 2015
Re: Intro and Q: Doing an inspection BEFORE putting in an offer?
I agree with PP. You can but if your offer is not accepted you will be out that money and will have to do another inspection for any other house. In the contract you will have the option period or the inspection period. We had 7 days to complete the inspection and back out if we want to. You might have 10 days. You can walk away at in point during that time. You should also be present for the inspection.
Have you been in the house yet? The HUD foreclosures that we have walked thru are in pretty horrible shape.
We did buy a foreclosure. The banks will not repair/fix anything. You are pretty much buying the house as is.
Good Luck.
An inspection runs 450 - 500 in our neck of the woods.
Wait until you have an accepted offer on the house and make sure you have a contingency clause in the contract for an ACCEPTABLE inspection. If you are not happy with the inspection report you have the option to walk away and still get your earnest money back.
If it was not a foreclosure, then you would negotiate with the sell for either repairs done or money back /lower price.
Then again, even a professional inspection doesn't always catch everything. Our inspectors thought the furnace was running great but that the AC needed a recharge. So we get the HVAC guy out there (at the sellers' expense!) and once he dove in, he found that the AC was just fine but the furnace needed major repairs.
Go with your gut. Sounds like with an $11k drop it may be a great deal, but it also makes me question why the prior sale fell through, and why they dropped the price so much at the same time.