When you make an offer to purchase several duplexes in the same subdivision, do you have each unit inspected prior to closing, or do inspect one and put some clause in the contract about inspecting after closing and if any majors repairs, the prior owner will have to cure?
Just like you wouldn’t marry someone before meeting them, you shouldn’t buy a property without having it checked out by you or your representative. You don’t want any big surprises (there are always plenty of small ones.)
The seller will be most motivated to do what you ask of him/her before the sale closes. If you have to go to closing with an agreed upon repair undone, I encourage you to have funds withheld from the closing proceeds for the repair…the title company or the atty. handling the closing should have a form for this. The funds aren’t released until the issue is resolved and the seller will be motivated to have the work completed so that they can receive the balance of their funds.
How closely you inspect the property should be based on your comfort and competancy levels.
Good luck!
I agree. Many gurus recommend inspecting each and every unit of a property, even if it’s a huge apartment. You never know what’s hiding in one, so should at least do a visual.
On smaller properties, there’s no excuse to not do an inspection because it’s not very expensive. Usually, you can have a clause or wording in the contract that allows you the unrestricted right to terminate during a certain timeframe. In Texas, it’s already written into Realtor® contracts so you just fill in the amount. $10 per day is about normal although some cheapskates do $5.
We always get inspections done during the option period along with other due diligence tasks.