The contractor's inspection contingency is quite broad and you can have an inspector who does a combination pest/contractors inspection. He doesn't need to do a formal pest report, but can still call out any items of major concern. If you wind up being alarmed by what is found, you can go back to the table with the seller and negotiate work and/or credits.
I believe it is better to have knowledge than to go through life without it.
Some agents feel otherwise.
You have to ask yourself, do I want the property and risk the inspection or do I want the property and risk not knowing.
Just remember you are the boss and the agent is there to help you. You get to decide.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
How can you use the contingency to back out if you have not explicitly stated it in writing?
Hope that helps.
Lender might ask for the copy of the WDO report - and the clearance of the house might be required by the bank, that's true.
If your seller agrees to fixing things prior to closing, you will be ok. There may not be an issue after the inspection anyway.
Hope this helps,
Beachfront Realty, Inc.
I always recommend you get your own inspections
$$$BUYER CASH REBATE 50%-60% / SELLER DISCOUNT 50%$$$
Flavio Tejada, MBA-Finance, Realtor, Broker/Owner
Web Reference: http://americarealtyonline.com/
Besides that, make sure your agent checks the TDS ( disclosures) that the seller didn't check the box that states whether they got any pre-inspections.
If you still have doubts, either talk with your agents Broker or a real estate attorney.
I would be more than happy to look at your contract or discuss this with you.
FHA is governed federally, right. So the policy should be nationwide, across the board. From my understanding, FHA loans require Termite Report. Even though you did not check off the Termite or Wood Destroying Insect Inspection on the contract under the Home Inspection, the lender may want to see the report.
In my experience as a buyer's agent, I have submitted completed termite and septic report, if the property has septic system, to the loan officer.
And to answer your question if it is for your own benefit. My response would be NO. Termite inspection in CT cost around $100. To have it resolved if there is an existing infestation--easy $800 and could be higher. Do you want to inherit this problem or not know about it?
- If so, you may consider asking the same inspector to meet with you and review his inspection report at the property. It will cost you a fraction of a new inspection and you will receive firsthand explanation of the property condition.
- If not, do you still have time to perform a pre-offer pest inspection (with the seller's permission of course)?
Best of luck,
Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
I'm guessing that Seller didn't get their own Pest inspection? Had they, you could potentially rely on that inspection rather than your own. The Seller's inspection would be unlikely to trigger the same FHA requirement that your inspection is likely to trigger - again, assuming there are Section 1 issues found.
Is there a pest inspection report on record? If so take a look at it. Pest reports are filed with the state and are meant to be objective and unbiased. They are only 'valid' for a short period of time from when they are done however as things can and will change but still serve as a reference point.
That said, take a careful read at paragraph 12A of the San Francisco Purchase Contract. That language is broad on purpose. And looking to 12C that claudr states that while you waive the right to do it it doesn't mean you can't have an informal assessment. It doesn't mean you can't inspect the property for those types of issurs per se - it means (in my opinion) that you cannot rely on pest and structural issues as a basis of your purchase per se. It's circular on puroose to foster practicality. Think ven diagrams....