What is offered via Sheila's MLS would be helpful, but we don't have a STI code on our listing history. We simply show if it went under contract and it it went back on the market. The only way to find out the reason a contract fell through is to ask.
Is this property listed w/ a Realtor? If so, the dates are recorded when it went under contract, and when it came back on the market. While fall throughs sometimes have nothing to do w/ inspections and can be due to a buyer's financing falling through, or a a buyer's sale of their property falling through, your concern and question is clearly about inspections.
Some inspectors can be overzealous. My favorite inspectors are those who details everything and anything about a property, but clearly identifies what items are significant and which are worth being aware of.
You have deadlines during which you must complete inspections. If your general inspection reveals issues that warrant "level 2" inspections by a specialist. i.e. a masonry contractor, electrician, HVAC contrractor, etc. If your initial inspection produces red flags, you will have determine whether you want to invest in addiional inspections. You might choose to walk away.
Is the prorperty lsited w/ a Realtor? Are you working w/ the listing agent? Or do you have your own buyer agent?
Assuming it is listed, ask your Realtor to provide a sellers disclsoure, the history of the property with the specific dates such as list, any prior contract activity, price changes, etc. A Realtor will not provide this information upon request. Ask your Realtor about previous fall throughs and why. Don't be shy and don''t be hesitant to dig deeper........you have a right to this information. It is important info that will guide your decisons.
If there are no Realtors and you are dealing directly w/ the seller, ask the same questions. Have the discussion in person, make eye contact, be polite, but direct.
After gathering as much info as you can, determine if you wish to proceed. I assume you have a real estate attorney, since almost all transactions in NJ are settled by attorneys.
If you wish to proceed to the next step, you may need to invest in "level 2' inspections. i.e. Have an electrician come out and give an opinion on electrical wiring if that is an area of concern. You can ask the seller to pay for additional inspections. While it is customary for the buyer to pay for his/her own inspections, you can still ask for seller contributions here. Check w/ your attorney for advice on your ability to terminate the contract based upon inspection issues. You have deadlines for inspections and any post inspection requests for credits or repairs.
Don't be shy in asking for this info.....this is your right to have full disclosure. BTW....did the seller provide a signed completed seller disclosure for you?
Good advice by Shellie Moore ...
Also, pull a C.L.U.E. ... (Comprehensive Loss Underwriting Exchange) ..
It will explain all claims reported to the insurance company for a given property over a five-year period, including water damage, storm damage, fires, flood, hail damage, hurricanes, mold, etc, etc ...
Reports show the date of loss, type of loss, and amounts paid out.
It's common to find out someone had a $95,000 insurance claim because they forgot to shut the gas off while boiling hotdogs .l.o.l..
Good luck and happy hunting.!
Very well stated.
Here's an example pertaining to electrical wiring. Buyer #1 entered into contract and hired an inspector who identified the home had aluminum wiring and suggested the house be entirely re-wired w/ copper wiring, stating he had lived there for 30 years w/o any problems. Buyer wanted seller to issue credit for the cost of rewiring the house and seller declined. Buyer requested to terminate the contract, and seller willingly agreed. The seller disclosure states there is aluminum wiring, similarlly to how the disclosure provided info that the water heater was electric and 6 years old. The disclosure simply made a statement of fact; not asserting a problem. The seller wanted to keep the Buyer #1's earnest money of $5000 to compensate for the time off market. Was this an inspection failure?
>>>> "When a previous buyer paid for an inspection report, it belongs to that individual">>>
True ... unless they were hiding something, hand them what they paid for it and you'll have it faster then Flash Gordon on an Easter Egg hunt .... it only happens about 200 times a day.
I have had sellers, attorneys and inspectors refuse to release prior inspection reports.
When a previous buyer paid for an inspection report, it belongs to that individual. I have had a seller's attorney advise their seller to not release a copy of the inspection report, because it was not their property to give. The seller's attorney did advise the seller to disclose the nature of the problems identified as a result of the inpsecion, but decline to provide the actual report.......the property paid for and owned by the prior buyer.
Bev, If you can get a copy of any prior inspection reports, by all means, ask and receive. If the seller declines to provide the actual report, it is not necessarily indicative that the seller is refusing to disclose. .
>>>> "Some inspectors can be overzealous. My favorite inspectors are those who details everything and anything about a property, but clearly identifies what items are significant and which are worth being aware of...>>>>
Let's be honest - some inspectors can be "underzealous" ... especially if it's off a "favorites" list.
Now, they might look at everything .. but they'll report what will take the least amount of time and they'll lightly squeeze past the light and the dark side of a negative situation.
Agents have their lists of inspectors - and consumers should *always* have their list of inspectors.
Usually, you'll find quite a bit of difference in the reports 10 or 15 months down the road ....
When you see the agent twitching, you know you've got the right home inspector...