Archive for July, 2015

Saving money by not having an inspection

Wednesday, July 15th, 2015

That’s a bad idea. Even new construction needs a home inspection. I like Bankrate Monitors article explaining the  ‘5 biggest home inspection mistakes‘. I agree with all. You need to pick the right inspector and you need to be there for the full 3-4 hours. You need to ask questions and get explanations. The home inspection is part of your ‘due diligence’ and if there are problems you can back out of the contract. In most cases, there are small problems and this allows you to negotiate with the seller and either have them make the repairs or compensate you so you can make the repairs. I have often told sellers, ‘if you don’t make these repairs for me and I back out, then the next buyer will also request the same repairs so you might as well fix the problem now and we can move forward to the closing’. Sure, the seller is not happy about this fact, but if they want to sell now, they need to fix the problems. Agreeing to fix problems needs to be in writing. Part of the terminology says “the seller agrees to make the requested repairs and the buyer agrees to not come up with any more requests”. It’s a two way street, both parties need to agree.  Nothing worse then a buyer that keeps coming up with more items after you have taken care of the first item. How many times have you heard people say “oh, let me ask you one more thing…” and after answering, they ask another and another.