Last year I posted an entry titled ’A Home Inspection before a Signed Contract’? In it I explained my position on hiring a home inspector before final bank approval. I am not an expert in the negotiation of a short sale or foreclosure, but it was my opinion that the buyer is taking a risk. You have the option to order a home inspection as soon as your offer is accepted, but until there is a signed contract, there is still a chance the deal will fall through. Whatever the reason may be, they buyer is out the cost of the Home Inspection if that happens.
Recently I have seen another side of this story which has altered my perception of the situation. Maybe you have heard (or been part of) a similar story …
A nice couple put an offer on a bank owned property. The house was listed as-is. They opted to wait for final bank approval and a signed contract before they hired the Home Inspector. This decision seemed to be in their best interest.
After almost 3 ½ months of waiting, the bank approved the deal. The contract was signed and the buyers had five days to have an inspection. Woo Hoo! Finally! They were so excited to finally have the ball rolling again after waiting so long.
Forclosed Homes Deserve Inspections Too.
Since this was a foreclosure property, the buyers knew there would be some issues that would need to be corrected. They were okay with that. Unfortunately, during the inspection, there were major issues discovered that would require a significant time and cash investment. They were not okay with that.
Though they were able to walk away from the deal without losing their earnest money, what they did lose is immeasurable. Now they are out there looking for a house, again. Those three and a half months are gone and can never be recovered. How many great deals did they miss out on while they waited?
There is obviously more at stake than just the cost of the Home Inspector Huntley IL. You have to weigh your options and decide what is best for you. Nobody else can make that decision for you.
Any questions or comments are always welcome.
Is Buying a Foreclosure a Good Idea?
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