Home Buying in Henderson>Question Details

Zz, Home Buyer in Nevada

Home inspection

Asked by Zz, Nevada Sun Aug 24, 2014

I know when you buy a short sale, you buy as is, but my realtor strongly advices me to get home inspection. What if he should find something wrong, the bank or whoever is not going to fix it, am i correct? It would cost me $450.00 for inspection. Thank you.

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In "As-Is" deals you still want to get an inspection so that you know what "As-Is" means. Once you know the condition of the home you can get estimates for the needed repairs and then assess whether the deal still works for you or not. If the needed repairs are far mroethan expected you can present the written estimates to the seller/bank and try to negotiate a lower price or a repair credit due to unseen needed repairs. You would argue that any buyer that comes along is going to request a credit as the numbers do not work with the current needed repairs.

Please keep in mind every property inspection has a list of repairs needed. If they are normal wear and tear or minor issues most likely the bank will not offer a credit for that. However, if the issues are major like roof, foundation, major pluming or electrical etc you can often times renegotiate.

Your agent shout been able to explain all of this to you. If they can not I would find another agent.


Please let me know if I can be of any assistance.

Best Regards,
Robert Adams
Licensed Real Estate Broker NV#62827 MA#9530304 RI#18138

NV Broker & Team Leader of The Adams Team at Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com


MA & RI Broker at Sankey Real Estate
C: 508-250-0345
O: 508-543-8060
F: 508-643-1515
RobertAdams@MArealestateHELP.com
http://www.MArealestateHELP.com

RobertAdams@RIrealestateHELP.com
http://www.RIrealestateHELP.com
1 vote Thank Flag Link Thu Aug 28, 2014
I am going to repeat what has already been said (something I try not to do) just to emphasize that you MUST get an inspection..............I understand you don't want to spend $450, but............you need to protect yourself in the event there are major structural issues...........enough expensive items that you'd walk away rather than having to undertake the cost of repairing them

If you're worried about spending $450 now.........imagine how you'll feel if there are thousands of dollars of repairs, and you're stuck with buying the "as is" home!

Follow your agent's advice......it is good advice........... he or she is looking out for your best interests!!!

Just as an aside - there is always a slight possibility that the bank might help cover a major structural repair/fault (I had 1 short sale where the seller chipped in in order to make it work), but you need to go into this fully informed!
1 vote Thank Flag Link Sun Aug 24, 2014
Zz,
If you found out the foundation was crumbling and the house was about to fall apart, would you continue to buy it? Would you pay what you've offered? As is does not always mean what everyone thinks it means. If you find out the roof is shot, you can say legitimately, "If you replace the roof, pay me the cost of the roof in closing costs or a price reduction, I'll continue the purchase, otherwise I will withdraw."
NEVER buy a home without a thorough inspection by a fully licensed and experienced inspector who is the best one you can find. A good inspector is worth far more than the cost, this is not an area to "save" money.
1 vote Thank Flag Link Sun Aug 24, 2014
you need to inspect for your protection. I have asked many times for repairs to as as-is property and about 50% of the time the bank will do the repairs or lower the price
1 vote Thank Flag Link Sun Aug 24, 2014
You still need to know whether something is wrong with the property. What if you bought it without doing an inspection and then found out, after the closing, that it needed a new furnace? Or a roof? $450 is a whole lot less than the cost of a furnace or a roof. If you DO find something major wrong, the bank will still not fix it but you can lower your price to account for the repairs. Get the inspection done, it's for your benefit.
1 vote Thank Flag Link Sun Aug 24, 2014
Although you are purchasing the property "as-is" an inspection report is pretty important! There could be major electrical, plumbing, foundation, or water issues that you cannot view or see evidence of. If there is something major, best to find out before you are stuck with a lemon :(
1 vote Thank Flag Link Sun Aug 24, 2014
If there is a problem with the home... You need to know about it before you purchase.

Get the home inspection... It is a small amount to pay to possibly save you many dollars and hours of stress in the future...

Sincerely,
Hank Lauzon III
Signature Real Estate Group
9525 Hillwood Drive #120
Las Vegas, NV 89134

Cell 702-449-0899
Fax 702-799-9598

Web : http://www.HanksLVRealestate.com
Email: HankLVRealestate@aol.com
Facebook: http://www.Facebook.com/HanksLasVegasRealEstate

Never look down on anybody...unless you're helping them up.
0 votes Thank Flag Link Mon Aug 25, 2014
Your Realtor is absolutely correct! Even though neither the bank nor the seller will fix anything, if the inspector should uncover something major, you would still have the opportunity to possibly negotiate a lower sales price or walk away if the damage is severe enough.

I was personally purchasing a short sale a number of years ago that looked to be absolutely in top condition. But my inspector found major foundation damage which ended up in us canceling the sale.

I always recommend having an inspection!!

Diann Tonnesen
Berkshire Hathaway HomeServices
sold@GreatLasVegasHomes.com
702-985-7654

The Tonnesen Team - with over 30 years of experience helping families call Las Vegas "home!"
0 votes Thank Flag Link Mon Aug 25, 2014
Your contract should state that you have the right to cancel the contract within a certain time period based on the home inspection. It is always recommended to get a home inspection. You never know what kind of issues there may be with a home. Even if the owners lived in the home and they provide you with a sellers disclosure, there may be things they don't know about. It is for your own protection and peace of mind.
0 votes Thank Flag Link Mon Aug 25, 2014
The bank may not frix it but you can walk away form the deal without having to buy a problematic house.

To start buying a short sale is a waste of time, you may believe you're getting a deal, but it's doubtful that you are unless your time means nothing to you. Secondly you're worrying about $450 in relationship to many hundreds or thousands, don't be penny-wise and dollar foolish, get an inspection, or be prepared to inherit more expensive problems that could easily have been avoided.
0 votes Thank Flag Link Mon Aug 25, 2014
As other Realtors as stated, I always recommend a home inspection even on NEW construction. It's the best $400-$500 you will ever spend. You will be 100% clear on what you are purchasing, if you choose to proceed.

Best case, there is nothing major wrong and you proceed. Worst case, you find out it will cost significant money to repair home and walk away. If for nothing else, it gives a peace of mind which is priceless and really comes into play when you are signing the final documents.

~An ounce of prevention is better than a pound of cure.


Thanks,

Keisha
0 votes Thank Flag Link Sun Aug 24, 2014
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