Quote:
Originally Posted by Erick Estrada
It makes perfect sense to me because it happened.
|
Sorry, I didn't mean your story doesn't make sense. My brain is on the next page saying it doesn't make sense that a buyer wouldn't need an inspection to consummate the deal... unless this wasn't recently, then that makes a ton more sense.
I mean it seems so odd that there's been several posters mentioning that they did not need an inspection. Both my insurance AND mortgagors needed to have an inspection done and I've acquired/sold properties several times in the last decade. But I also think that the home inspector sent by the mortgagor was also basically a pseudo appraiser to ensure that I didn't end up with a situation where I'd exceed the lending capacity of the lendor if things went sideways with the properties.
Quote:
Originally Posted by Weitz
I never said you can write it terms that say no negotiation. But it’s a hot market for sellers. If they run an inspection and then ask for a cheaper price you have no requirement to accept it. Tell them to pound sand and relist. They can pull out or agree to pay the offered price.
I’m not sure I would ever agree to a lower price because of what a home inspector found unless I was really desperate.
|
I think we kinda agree, but my wording sucks. From what I understand, a seller is often supposed to disclose things that may require attention within the next 1-2 years. So if you disclose those things on the listing (ie: Windows, HVAC are original, roof is 20 years old), then say you cannot renegotiate the offer based on these things after the inspection, then it's kosher.
But maybe I misunderstood something one of the realtors told me (someone feel free to correct me)... but if you say something like, "Doesn't matter what the inspection report says, you cannot renegotiate at all." it supposedly could open up a situation that's advantageous to the buyer. The prospective buyer can cut bait based on the inspection report and get a refund on the deposit even if it was stated as a non-refundable deposit. But supposedly, if you disclose things and say you can re-negotiate, but only on things discovered in the inspection not previously disclosed that require immediate attention, then if the buyer wants to cut bait, they'd lose their non-refundable deposit.
The reason why I mention this was because I was sorta in this type of situation putting an offer on a home once. The deposit was half non-refundable, but the inspection yielded lots of non-disclosed illegal work/code violations etc. that required immediate remediation, so I was able to pull out and get my deposit back in full. It was quite a few years ago though, so I don't recall the exact details of the scenario. I don't even know what it was, the inspector just said, "I'll write down what it is in the report, kill the deal. It'll cost at least $50K+ to address and that's not including the other stuff like the roof, windows etc. that need to be done within 5 years." No idea what it was though, I never got a copy of the inspection report (mortgagor covered). The home looked pretty normal to me as a layman.
Maybe the rules have changed though.