Home Buying in Waterbury>Question Details

Lauren Lecom…, Home Buyer in Wolcott, CT

Why would the seller's agent tell our agent that we should get a home inspection done BEFORE our offer is even accepted?

Asked by Lauren Lecomte, Wolcott, CT Wed Nov 28, 2012

We put an offer in almost 2 weeks ago, and are waiting for confirmation that the bank has accepted our offer. In the meantime, the seller's agent is telling (pressuring) our agent to have us get the home inspection done ASAP. Sounds odd to me, and our agent just cannot get a straight answer out of the seller's agent. We're in love with the house, so walking away isn't an option.

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12
I think your intuition is correct. Don't spend money on an inspection until you have a signed contract. If this is an REO, make sure you read the contract very carefully, as there should be a contingency period in which you can inspect the property and negotiate or walk if you don't like the results. I would try to have your agent get clarification from the listing agent exactly why they are advising you to do the inspection before the offer has been accepted. Perhaps they have a good reason, but normally the chain of events is contract acceptance then inspection not the other way around.
0 votes Thank Flag Link Wed Feb 13, 2013
I had an instance where the Seller wanted buyer to do inspect first and then make offer based on findings, rather than offer with inspection contingency and than negotiate. It worked out just fine -
0 votes Thank Flag Link Wed Jan 23, 2013
Sometimes on short sales or foreclosures have an agreed upon short due diligence period. Buyers need to to examine the property as much in advance of approval as is possible.
0 votes Thank Flag Link Fri Nov 30, 2012
Do you know if there have been other offers submitted? I would hate for you to preform an inspection on a home and find out the bank accepted another offer. It's a waste of your time and money. I know you are anxious, but I would wait until the bank has accepted your offer.
0 votes Thank Flag Link Fri Nov 30, 2012
Lauren,
You indicated in your comment you are "waiting for confirmation that the bank has accepted our offer."
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This suggest to me you are purchasing a bank owned home. Very often a bank wants all contingencies removed/satisfied such as inspection or financing before they accept. I have sold homes with the same requirement. In essence you are purchasing the home as it exists now. You are free to complete all due diligence PRIOR to your offer. Your offer however, must be contingency free.
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You may very well be running out the clock for the time in which you can complete the inspection. The contract you submitted to the bank, if it is the banks document, could be binding the moment they accept/sign your offer. At that moment, you now own the responsibly to pay for the house.
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You need to READ all the lines of the 19 pages in the bank addendum you signed. Get the house inspected. The selling agent may be suggesting you have not read the addendum thoroughly.
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If this is not a bank owned or private investor sold home, the above will not apply.
Read the contract.

Best of success in purchasing your new home,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Nov 28, 2012
Not advisable in our market. While going through the inspection process there is a good chance that another buyer will step in and consumate a deal.

There is no sense in spending money before an acceptance is reached. Most contracts include 10 to 21 days of due diligence after acceptance is reached.
0 votes Thank Flag Link Wed Nov 28, 2012
In my experience you have a better chance of getting the lender to do repairs if you act quickly and get a home inspection, once the lender approves offer you wont have as good of a chance to get them to do repairs... Suzie Larson REALTOR® SFR
0 votes Thank Flag Link Wed Nov 28, 2012
Since this is an REO property, there is probably a 'Time is of the essence' clause in the seller's documentation. They typicaly require that you close within 30 days of contract acceptance, or pay a $100/day fee. If you are financing your purchase, then there just isn't enough time to proceed with the usual process of getting the inspectin done before spending any othere money on an application and appraisal.
If you love the house, and have to have it, you should take this into consideration. You will be risking the monies spent on the inspection, but that may be what it takes to make this happen. How far off of the asking price is your offer? Are you willing to raise your offer if they counter?
I hope this helps.

Good Luck
Dan Ross
0 votes Thank Flag Link Wed Nov 28, 2012
Our agent is great, and has obviously advised us of the same - no inspection until a contract is in place.

It just sounds so odd, I didn't know if anyone had ever encountered this or knows why in the world this agent would request something that would be so irresponsible/crazy.
0 votes Thank Flag Link Wed Nov 28, 2012
Usually you have an inspection done within 7-10 days of an accepted offer. The reason is so if there are issues with the property and you decide you want to walk away the owner can move on to the next offer, decide to fix the problem, drop the price...whatever there stratedgy will be. The seller has to make plans for their move too so the sooner the inspection happens...well that is one less thing both parties have to worry about.
0 votes Thank Flag Link Wed Nov 28, 2012
I have years of experience in Real Estate, and I never let my clients to have an inspection done before we have a contract. You should not do the inspection until you have a contract because you will waste your time and money.
0 votes Thank Flag Link Wed Nov 28, 2012
THIS IS A TOUGH ONE. SEND ME AN EMAIL TO BOB@AGGIE-BOB.COM. I MAY BE ABLE TO HELP.
0 votes Thank Flag Link Wed Nov 28, 2012
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