Home Buying in 75093>Question Details

Gary Crabb, Real Estate Pro in Dallas, TX

What are the guidelines for a final and best offer if you offer above the stated asking price and waive all inspections?

Asked by Gary Crabb, Dallas, TX Thu Mar 1, 2012

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I agree, for your best interest, I highly, highly, highly recommend getting a home inspection on a home you are considering purchasing; sure, any seller would love a buyer who is willing to waive a home inspection, but at the same time, most home-sellers understand that most, if not all buyers will have a home inspection conducted.
0 votes Thank Flag Link Fri Jul 27, 2012
Give it your highest and best you want to pay.
There may be other bidders in the same shape....bidding above list and waiving inspections or offering higher earnest money, willing to close quicker, willing to pay their own closing costs, etc.

You just never know.
0 votes Thank Flag Link Thu Mar 1, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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I want to stress what my colleagues have already stated. Do not buy any property without inspecting it first.
Even if you know that you will inevitably buy it, I would never waive the inspection.

Good luck.
0 votes Thank Flag Link Thu Mar 1, 2012
I wouldn't waive inspections if I were you in fact I always advice my buyers to have inspections..........

Susie Kay, GRI, CHMS, SFR
Realtor®
Residential/Commercial/Investment
English-Indonesian-Hokkien
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United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Thu Mar 1, 2012
It sounds like you are working on a REO property. The bank's asset manager will usually take the highest offer with the best terms regardless of inspection request. Occasionally they may take a lower cash offer over a higher financed offer.

Sam Young
Coldwell Banker Jane Henry, Realtors
(972) 837-0788
Web Reference: http://www.samsonsay.com
0 votes Thank Flag Link Thu Mar 1, 2012
Unless you are an inspector yourself, I would never waive the inspection. You should at least have a 1-day option period to have a professional inspector look over the home, because there are too many unknowns these days.
Aside from that and to answer your question, the guidelines are completely up to the seller as to which offer to accept. If the home is exactly what you or your client is looking for and the location fits, then offer what you think is appropriate but keep in mind that the home has to still appraise for the value if you are financing the home through a lender.
0 votes Thank Flag Link Thu Mar 1, 2012
There are no strict guidelines. The seller is in control and can choose whichever offer they want. Just because you offer above list price and waive inspections (which is never a good idea) does not mean the seller will choose your buyers offer. One of the other offers may have other terms that appeal to the seller more for one reason or another ie.. cash, quick close etc.
Web Reference: http://tonyapeek.com
0 votes Thank Flag Link Thu Mar 1, 2012
If you were broker you should all ready have the answers!

Who will ever purchase a home without inspection

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Mar 1, 2012
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