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inspection???

Posted by on Jul. 28, 2009 at 11:29 PM
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So we have been looking for a house for a few months finally found one and it is a short sale the offer was accepted by the seller but has yet been accepted by the bank should be another 2 wks at most for there responses.  However our realtor wants us to make an appointment with the inspector now before the approval.  I am just wondering if that is normal?  I would really hate to pay for the inspection then have issues with the bank or something. 

by on Jul. 28, 2009 at 11:29 PM
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babyspots17
by on Jul. 29, 2009 at 8:40 PM

help anyone know??? We are definately getting a home inspection but just want to wait until the banks approval.  

tenacity
by Group Admin on Jul. 30, 2009 at 6:09 AM

Well, the theory is that you should go ahead and inspect immediately because you'll either find out immediately that the house won't pass appraisal or you might find something you will reject the home for.

So, why wait two more weeks? Figure it out now.

I always give my clients all of their options.  This would be one of them.

I never tell them to do anything.  Just give options and let them decide.

So, it's not a bad idea to do it now.  The major chance you take is that you cannot come to an agreement to purchase the home.  Anyway, you look at it. .. Even if the bank does accept your offer, the inspection findings may make you pull out.  Then, you've still  lost the money for the inspections. But, at least you found out quick and were able to move on quickly.

If the bank does accept your offer, you will eliminate 10 days of inspection period and that moves your close date to sooner, also.

there are advantages.

you rockMary Wilcox
               Realtor
Reece & Nichols
Kansas City Metro Area
816.407.5284   email me:  marywilcox@reeceandnichols.com

kn2418
by Group Owner on Jul. 30, 2009 at 11:02 PM

Mary is giving sound advice, but I have to wonder why your agent didn't write into the offer, "All dates and deadlines begin upon Buyer's receipt of Notice by Seller that sellers mortgagee has accepted the terms of this Offer."

If she didn't write that, then all of your dates and deadlines run from the dates on the offer from when the seller accepted, not from when the bank accepts it. therefore, you are under contract to have the inspection.

Kristin
Questions about buying or selling real estate? Check out my Real Estate Tips & Real Estate Marketplace groups!
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RealtorHolly
by Group Admin on Jul. 31, 2009 at 9:16 AM

Kristen,  I like the response of all 'dates and deadlines'....I have NEVER seen that on any contract here w/short sales.  I have written it down and am going to use it.

I got 2 short sales closed yesterday -- one has been going on since January and the other 'just since' March.

 

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