Post by: pianoman9701 on February 25, 2022, 12:31:14 PM
Sometimes, the buyer is worried that they'll lose the deal if the seller has to wait for the inspection. Home inspection can be part of the contingency when signing, so the deal can be made and the inspection done after signing. Always get an inspection.
Post by: Dan-o on February 25, 2022, 02:42:35 PM
They waived the inspection, because they'd lost a couple houses and got antsy.
They are getting new siding done on the whole house now.... which a competent inspector would have shown them.
Bummer for them.
First house and a huge unexpected expense right off the bat.
Post by: RugerRay on February 25, 2022, 03:44:37 PM
Post by: NRA4LIFE on February 25, 2022, 03:50:04 PM
Post by: CP on February 25, 2022, 03:53:55 PM
No thanks, not in this market.
Post by: pianoman9701 on February 25, 2022, 04:02:25 PM
When I sold my cabin a few months ago I didn’t even consider offers that didn’t wave the inspection. Inspections can turn into a long, drawn-out nightmare for sellers that ends in a flipped sale. Some of the offers included inspections contingencies that allowed the buyer to remove toilets, sinks, tubs, etc. to scope the pipes and had provisions to bring in a never-ending stream of “experts” to inspect this and that.
No thanks, not in this market.
I don't know about your cabin, but normally an inspection can be done in 7-10 days, in plenty of time for the loan to close. Anyone buying a house without getting inspected is setting themselves up. Any seller who won't agree to have his house inspected should be viewed with caution.
Post by: jrebel on February 25, 2022, 04:10:17 PM
How do you feel about buyers insurance / warranty (Not sure what they call it) and is it necessary to have an inspection for that insurance to be purchases / held??
Post by: downtownbrown0610 on February 25, 2022, 04:16:38 PM
Post by: Ghost Hunter on February 25, 2022, 04:23:46 PM
When I list, as is will be in the contract. :twocents:
Post by: wadu1 on February 25, 2022, 04:30:28 PM
Post by: Bob33 on February 25, 2022, 06:43:32 PM
Post by: Ghost Hunter on February 25, 2022, 06:48:35 PM
Post by: pianoman9701 on February 26, 2022, 09:34:16 AM
To flip it around, in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.
Would you buy a used car without having it looked over by a mechanic? I, maybe more than many on this thread, understand the present market conditions. If seller demands the waiver of an inspection to sign the contract, you should be asking yourself "why?".
Post by: Igor on February 26, 2022, 09:36:38 AM
To flip it around, in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.
Would you buy a used car without having it looked over by a mechanic? I, maybe more than many on this thread, understand the present market conditions. If seller demands the waiver of an inspection to sign the contract, you should be asking yourself "why?".
In your opinion, where do you see mortgage rates and house prices going in the next 6-12 months?
Post by: pianoman9701 on February 26, 2022, 09:45:09 AM
Only an opinion. I'm not a financial advisor. Both are going up. Property values won't be going up as fast as they have been as fewer look for new homes and the inventory increases. But unlike 2008, the inventory/supply is still far below the demand. The Fed has announced three rises in interest rates, the first coming next month. Although mortgage rates are more closely tied to the ten year bond, the bond rate normally follows the Fed lending rate.To flip it around, in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.
Would you buy a used car without having it looked over by a mechanic? I, maybe more than many on this thread, understand the present market conditions. If seller demands the waiver of an inspection to sign the contract, you should be asking yourself "why?".
In your opinion, where do you see mortgage rates and house prices going in the next 6-12 months?
Post by: Igor on February 26, 2022, 09:49:45 AM
Only an opinion. I'm not a financial advisor. Both are going up. Property values won't be going up as fast as they have been as fewer look for new homes and the inventory increases. But unlike 2008, the inventory/supply is still far below the demand. The Fed has announced three rises in interest rates, the first coming next month. Although mortgage rates are more closely tied to the ten year bond, the bond rate normally follows the Fed lending rate.To flip it around, in today's market why would a seller choose to sell to a buyer demanding an inspection when he has multiple offers from buyers not demanding one? The buyer looking for a seller willing to make the sale dependent on an inspection may ultimately find one but how much did prices increase while he was looking? Where I live many properties are going up $25K a month or more. Tough and possibly money foolish to make demands in this market in my opinion.
Would you buy a used car without having it looked over by a mechanic? I, maybe more than many on this thread, understand the present market conditions. If seller demands the waiver of an inspection to sign the contract, you should be asking yourself "why?".
In your opinion, where do you see mortgage rates and house prices going in the next 6-12 months?
Thanks. I have two friends that are looking for houses, and both are just discouraged by the market today. They are hoping that it returns to a more normal pace, whatever "normal" is any more.
Post by: Cougartail on February 26, 2022, 09:56:58 AM
A high end house I know of was sold then had to be torn down because of mold. Lawsuits were everywhere in that deal.
Post by: Forks on February 26, 2022, 10:04:18 AM
Post by: Mudman on February 26, 2022, 10:05:07 AM
Post by: buggy on February 26, 2022, 05:56:36 PM
I recommend that any home buyer should get an inspection. I have represented a few buyers who waived their inspection (mostly investor types who know what they're getting into) but i always have a long conversation about what they're risking especially when dealing with more inexperienced buyers. Sometimes you're better off not getting the house!
On the other hand, when representing a seller its hard to ignore an offer without an inspection contingency. The important thing here is making sure that the seller disclosure is filled out perfectly/honestly because that will be the first place the buyer looks when they realize the house has issues. Seller disclosures are the leading source of lawsuits in real estate transactions. As a seller I would hesitate to say anything that might discourage or prohibit an inspection. It would be difficult to argue your innocence when you didn't allow the buyer a chance to verify the disclosure that you filled out.
The vast majority of transactions involve an inspection and its really not a big deal when handled by reasonable adults.
I guess the point of all my rambling is, make sure you understand what your decisions really mean and what the possible consequences are.
Post by: Jingles on February 26, 2022, 06:06:46 PM
Post by: buggy on February 26, 2022, 06:12:07 PM
There are lenders mortgage companies loan guarantees that require an inspection. I.e. VA requires an inspection, at least they did when I used them for 3 different purchases.
I haven't worked with a lender who requires an inspection in quite a while. Maybe some still do???
I believe VA,FHA,USDA loans require the appraiser to poke their head in the crawlspace and attic but i wouldn't consider this a home inspection.
Correct me if this isn't 100 percent correct pianoman.
Post by: Alchase on February 26, 2022, 07:14:51 PM
Post by: pianoman9701 on February 27, 2022, 08:56:59 AM
My VA loan in 2015 here in OK required an inspection.
All VA purchase loans require an appraisal by a VA certified appraiser. The appraiser is qualified to spot certain things, like infestations, structure problems, etc., or know about common problems in the area that may affect the prospective home. They can then order an inspection if needed. This is for the protection of the veteran borrower.