Home Buying in Stamford>Question Details

Concerned Bu…, Home Buyer in Darien, IL

Our deal to buy fell apart after we'd paid fr bldg insp, other tests. Can I sell the reports to future buyers?

Asked by Concerned Buyer, Darien, IL Fri Jun 6, 2008

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The reports were prepared for you and reflect the condition of the home on the day it was inspected....As you know there are a punch of disclaimers you signed when you purchased this report, but if you were to sell it to someone else, the liability for it's thoroughness would fall on you, not the inspector. It's not worth the risk. Plus if the next buyer comes along in a few months, conditions could change at the home and your report would not be uptodate. As hard as it is to accept....and I know the inspections are expensive...it's best to consider it money well spent. You avoided purchasing a home that had issues you were not willing to accept. Without this report, you may have purchased a home you would not be satisfied with.
1 vote Thank Flag Link Fri Jun 6, 2008
There are liability issues with selling them or seeking re-imbusement for them. You are best to walk away if you don't want the house. While it is true that the reports belong to the person paying for them it is also true that the sller needs to disclose whatever is contained in your reports.
1 vote Thank Flag Link Fri Jun 6, 2008
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
Contact
I would highly advise against it. I know you’re probably upset about spending money for an inspection on a home that you’re not going to purchase, but if you sell the report and your inspector missed something they won’t be going after the inspector, they’ll be going after you. And thus, you will be forced to go after the inspector. This could get really ugly very fast. Just so you know, my company provides real estate rebates on home purchases. We will give you up to 50% of the buyer’s agent commission at closing. I hope this helps!
Web Reference: http://www.sharpbuyers.com
1 vote Thank Flag Link Fri Jun 6, 2008
If you can find a buyer, anything is for sale! However......... practically speaking, the real answer is.........probably not. First off, the inspection is performed and the report is written specifically for the person who hired the inspection company, and the inspection company may not be "liable" for anything in the report should something go wrong in the future. Also, think about it from the buyer's point of view: If you were buying a home, you would probably want to have your own inspector inspect the house.
Unfortunately, this is the buying process so you are probably out that money. However, look on the bright side -- perhaps you found something as a result of your inspection that will save you much money in the futuure?! Best of luck.
1 vote Thank Flag Link Fri Jun 6, 2008
There could be liability issues. Wouldn't recommend it.
1 vote Thank Flag Link Fri Jun 6, 2008
Hello Concerned Buyer. Typically, all reports are only for the person who ordered them. The inspector's liability is limited to his client (i.e., the person who ordered the report) and the report is good as of the day it was prepared. While the seller has an obligation to disclose the existence of all reports, any new buyer should get their own inspection. Since you will most likely not know the identity of any new buyers, you'd really not be able to sell the reports anyway unless the seller's agent were to facilitate it, which is very unlikely. Since the reports were not written for the seller, the seller could not sell the reports to new buyers either. Unfortunately, when an escrow falls out, the buyer usually gets stuck with the expense of the inspections that were done without recourse unless the contract stated otherwise. I am assuming that the deal fell apart because you discovered property conditions that were not acceptable and you could not come to an agreement with the seller regarding repairs. If anything was discovered during the inspection that the seller knew about but did not disclose, you may have some recourse against the seller, but you'd have to most likely take the seller to court to prove your case and I don't know whether it would be worth it. Sorry the deal fell through and better luck next time.
1 vote Thank Flag Link Fri Jun 6, 2008
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
Dear Home Buyer,

It's always unfortunate when a buyer feels he must release his binder after learning things about the property from his building inspections. No matter how carefully your pre-inspect a property, a professional set of inspections will turn up both the good qualities and less-than-good qualities of the property. Many times, my buyer clients and I use the inspection findings to negotiate more out of the seller. Our photos and videos from these inspections can make these arguments very compelling. For example, we would usually prefer to negotiate dollar credits back at closing than to accept the seller's making repairs. The reason should be fairly obvious.

The inspections you hired should be considered your best insurance, and a good investment, especially if they prevented you from making a mistake. No astute buyer, in my opinion, would be wise to accept or rely upon another's inspection reports, even if he got them for nothing. The quality of the inspections can vary greatly, as can the credentials of the inspectors. This is not the area to short cut, or go frugal.

Chalk it up to experience, and learn from it. Then, negotiate your next purchase with these costs in mind, and see if you can't absorb these costs in the next deal so the pain goes away. Usually, the replacement turns out to be better than the original. You'll survive.

RichardHamlin.com
0 votes Thank Flag Link Thu Jul 24, 2008
Hello,

The inspection report was purchased by you and as such you have the right to do with it what you wish. As other agents have mentioned, however, I would be concerned with liability. I would always recommend that a buyer have their own inspection performed, but yours might provide some additional insight and red flags to a new inspector.

Best wishes for finding the right home.

Christopher Rich
William Raveis Real Estate
Visit me at http://www.FairfieldCountyRealEstate.com - The Better Way to Buy of Sell Real Estate
(203) 768-5222
0 votes Thank Flag Link Sun Jun 22, 2008
If they were willing, and you could find them, I suppose so.
0 votes Thank Flag Link Fri Jun 6, 2008
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