Foreclosure in 11784>Question Details

Javy Lopez,  in 11784

Can you make an offer to the with SUBJET TO INSPECTION.?

Asked by Javy Lopez, 11784 Sun Oct 11, 2009

Front of house showes some ratting from water damage. You can not tell how much until the wall is opened.

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Typically your Home Inspection will alert you to problems in five key areas, and these key areas directly relate to the contract of sale:

1. Foundation: sound and solid
2. Roof free of leaks
3. Plumbing working and leak-free
4. Heating system sufficient and operating
5. Electrical system sufficient and up to code

If there is a serious problem with any of these five items, typically the Seller has a responsibility under the terms of the contract of sale to repair the problem at their expense, not the Purchaser's expense. Sometimes a Purchaser will receive a credit at closing to repair one of these items (assuming the home and the defective issue has not compromised the Lender's appraisal). When the Purchaser receives a credit at closing, the amount of the credit is based upon legitimate estimates for repair and negotiations between the Attorneys representing each party.

Other items you discover are in need of repair/upgrade (i.e. diswasher not operating properly; air conditioner on second floor inoperable, etc.) can be negotiated for a repair credit or replacement at the Seller's expense. Again, these negotiations are handled by the Attorneys.

It is extremely RARE that a purchase price is reduced due to repairs from a Home Inspection. Best to consult with your Attorney for more detailed information in this area.

If you don't already have a good real estate Attorney and you're shopping for homes, you need to reverse your process. First, get properly prequalified for mortgage financing by a Local Mortgage Banker. Second, line up your Attorney. Third, line up your Home Inspector. Fourth, line up a great local Realtor with personal experience in the area in which you'd like to buy.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Wed Aug 8, 2012
Yes, you can make an offer subject to inspection. It happens everyday, and as long as both parties agree, it is a go! Consider working with an Agent who will walk you through the process, and who can answer any questions you may have.

I hope this answered your question. Should you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Serving Long Island & Queens
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!"
0 votes Thank Flag Link Wed Aug 8, 2012
Yes. You can invent any offer you'd like, but to be taken seriously, there is a common path to making such an offer.

"This offer to purchase is subject to a satisfactory engineers report, a termite inspection, a water analysis, clear title, and a standard language formal contract prepared or reviewed by an attorney".

Sometimes there are time frames attached to an inspection, "within 5 business days" for example, and sometimes you have to do it ahead of a contract.
0 votes Thank Flag Link Tue Aug 7, 2012
Hi Javy,

One never knows what is behind close walls so I would have to agree with Keith...prepare for the worse. Did you already do a home inspection? If you did then you have nothing to loose by presenting a new offer and contingencies. Good Luck and keep us posted as to how it works out.

Donna Lomenzo
Coldwell Banker Neyland Realty
Middle Island, NY 11953
0 votes Thank Flag Link Mon Oct 12, 2009
The first question is if there is a condition report and if the report mentions anything about the water issue. The next question is what type of seller is marketing the property. It the seller is a bank, that might limit the ability to make a offer subject to a inspection. In addition, a inspection is just that and inspection of what can be seen, not what is behind the wall. If you want to test or see something specific then you want to specifically address that in the offer. When you are dealing with investigating issues behind walls be prepared for repair expense and people concerned about liability.

It is nice to know everything, but you need to pay for that information and someetimes the expense is not worth the information. Get your opinion and understand what the worst case situation is and then try to negotiate it or prepared to incur an expense on a property you may not own.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Sun Oct 11, 2009
You can make it subject to inspection or you can do an inspection BEFORE you make an offer. If you have reason to believe their are issues behind the wall, a good Realtor representing YOUR interests, can negotiate what is needed to satisfy your needs.

if someone really wants to sell, they will have no issue with this.
Web Reference:
0 votes Thank Flag Link Sun Oct 11, 2009
Yes. When you make an offer you can request that the offer be contingent on upon an inspection at the buyer's discretion. You can also request that the seller make repairs prior to moving forward with the contract with a home inspection contingency.
0 votes Thank Flag Link Sun Oct 11, 2009
You can make it subject to a home inspection, but I don't think anyone is going to let you open up walls to see what's behind there without some kind of assurance that it will be fixed or money given to repair the damage.
0 votes Thank Flag Link Sun Oct 11, 2009
Yes, you can, and most buyers do. I would advise you to move quickly, however. In your area we do not sign contracts until AFTER the inspection, and until contracts are fully executed, the owner can accept a different offer.
0 votes Thank Flag Link Sun Oct 11, 2009
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