I am currently closing my first short sale. I have created a relationship with a real estate broker. She has handled everything so far. She is not charging a brokers fee now, however, after I fix it up and remarket it through her she will. She is working rather hard to gain my trust and confidence, since she recognizes I can buy more houses. Recently, she told me that I do not have to have a home inspection. She told me what she and the previous owners think is wrong (electric needs updating) with the house. She suggested I ask two electricians to give me quotes on the electric and use their specific knowledge as opposed to a home inspection.
Is this common? I realize she is trying to build a bridge of trust with me so I do not think she is telling me anything wrong on purpose. My question, however, is this something I should do?
Mike,
Its up to you if you want an inspection. If you are using the brokers contract they usually cover this issue to protect the buyer and the broker.
I do my own inspections, but if you don’t feel comfortable doing it yourself maybe spending a little now will save you alot later. I sometimes make this contingent so I can back out of the contract if I found major problems with lets say the foundation.
There’s no way I’m going to trust somebody elses option on repairs, unless they are qualified. I don’t know your whole situation, but in my state their is a seller disclosure form the owner signs regarding problems with the property. Ask the sales agent for any of this information or past inspections on the property. If they have knowlege of it then this information should be disclosed to any buyers.I hope this helped a little!
I would suggest getting an inspection. Its worth the $300 and you can walk around with him and ask a lot of questions. For future purchases you could take a class at a local trade school. I took one and learned more than I could have imagined.
I’m with Buckeyes…pay for the inspection…the last rental property that I just bought, the inspector said that the furnace was bad and recommended a HVAC inspector look at it. I went back to the owner and his agent…they said that the furnace had been working fine but they agreed to have the HVAC inspector look at it. The heat exchange was broken (this allows carbon monoxide to escape, etc.). I found an HVAC company that would replacethe furnace for $900 but negotiated an $1800 price reduction – like finding $900.