Home Buying in Jersey City>Question Details

Daniel Chan, Renter in Upper East Side, New...

This is a short sale, should I wait for the bank's approval and then order home inspection or do it now during the attorney review?

Asked by Daniel Chan, Upper East Side, New York, NY Thu Jan 10, 2013

Is it worth the time at this point to go through the condos by-laws as well?

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7
Daniel - I have to reiterate that you MUST verify what your contract says regarding the time frame you have for an inspection. In general it is 10-15 days after the completion of attorney review, not after approval by the bank. You don't want to find yourself in the position of having let the time elapse for the inspection to be completed. Please let me know if I can be of further help.
0 votes Thank Flag Link Mon Jan 21, 2013
Short Sales could take a very long time. I would hold off until you hear back from the bank.

Call me i can help with any of your questions.


Jose Martinez
201-494-1973
0 votes Thank Flag Link Mon Jan 21, 2013
I agree with Karina. First, check your contract. If your contract is written such that you have a certain number of days from the Notice Receipt Date (the date in which the bank accepts the offer), then you can technically hold off and perform your inspections once you hear from the bank. However, just getting to that point alone could take a month or more depending on the bank. So, it may be in your best interest to do your inspections now. That way, if you come across items of concern that you aren't going to want to deal with, you will at least save yourself the time of waiting on the bank, and you can move on to the next property.

Just keep in mind that you are responsible for the inspection costs. If the bank comes back and denies your offer, you will of course be out the inspection costs, unless you are willing to counter the bank and come to an agreeable price down the road.

In theory, waiting to hear from the bank (if your contract allows for it) could save you inspection costs should they deny your offer. However, if they do accept your offer, then you perform inspections only to find you don't want to go through with the purchase, now you have lost a lot of time. So you'll have to weigh what is more important to you, potentially losing the cost of the inspections, or potentially losing out on a month or two of time. Good luck!
0 votes Thank Flag Link Fri Jan 11, 2013
I would recommend getting the title work done so you know you are not wasting your time and know of any other outstanding liens that you may have to clear up. There are some title companies out there that do not charge unless it closes.
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Daniel. All will depend on your contract so please check with your attorney. I usually recommend that my buyer's do their home inspection up front. Should anything come up during the home inspection, the bank will not renegotiate once you have agreed on the purchase price. So your offer should have already accounted for the repairs necessary that came up during inspection.
I disagree with Ron below.

I think before you commit yourself to the lengthy process you should know everything about the home going in, including the inspection and yes the by laws.

Hope that helps.
0 votes Thank Flag Link Thu Jan 10, 2013
Why would you spend money on it until you knew that you were going to get it?
0 votes Thank Flag Link Thu Jan 10, 2013
Check with your attorney. The contract usually stipulates the time you have to perform the inspection and waiting for the bank's approval may put you outside the time frame allowed. You want to make sure you can get a short sale inspected since it is definitely sold as is.
0 votes Thank Flag Link Thu Jan 10, 2013
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