Newby Question

Countrygirlatheart1January 31, 2013

Why is it better to put a contract on a house before you have a home inspection? Seems to me I would rather spend the $500 or so dollars so that I could have a more accurate idea of what could possibly be wrong with the house then way over bidding and them accept that offer right off the bat. This is a foreclosed upon house and way over priced as it is.

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LuAnn_in_PA

Why inspect a house you have don't chance of buying (because other people put money down & you didn't)?

    Bookmark   January 31, 2013 at 1:03PM
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Countrygirlatheart1

The house is listed on the market right now for 350,000. The starting bid at foreclosure was 186,500. We already knew of a party that was going to bid on the house and for some reason or another they didn't get it. We looked at the house and it has some structual issues. Cracked drywall, large holes in the walls from the previous owners ripping decorative items from the walls, nasty carpet, leak in the kitchen ceiling from overhead air conditioning unit. The house has sat for 13 months empty. I would like to put a bid on the house however don't know where to start. I don't want to overbid on the house when I don't know what repairs are going to cost. My realtor says you don't want to start to low and piss them off or they might not give you a counter offer. I'm lost on this. It just doesn't make sense to bid on something and you don't know what else could be wrong that you can't see.

    Bookmark   January 31, 2013 at 2:07PM
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rrah

If you feel you shouldn't bid on something unless you know what could be wrong with it, you probably shouldn't be looking at a foreclosure. No home is perfect and foreclosures can be filled with problems.

Even with a foreclosure, the buyer typically can void the contract based upon an inspection.

So you bid. You have the inspection and discover that it's going to cost more to fix than you thought. You void the contract. Banks are not known for negotiating after inspections. With a typical sale, the seller may negotiate after the inspection.

    Bookmark   January 31, 2013 at 2:30PM
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terriks

It's a foreclosure, don't worry about pissing off the bank, it's just business to them.

    Bookmark   January 31, 2013 at 3:19PM
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Countrygirlatheart1

The previous owners bought the house for 320,000 back in 2005. Now that it has been forclosed upon, sat empty for months, and left in theshape it is, I can't believe they have it priced for 350,000. Guess I'll go ahead and take a leap, if it's meant to be it'll happen, if not, it won't.

    Bookmark   January 31, 2013 at 3:28PM
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cmarlin20

If I was a seller, I wouldn't give you access for an inspection without an agreed contract.

This situation might be different.

    Bookmark   January 31, 2013 at 8:26PM
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Countrygirlatheart1

How embarassing. I was totally confused on the home inspection process. We put a contract on the house yesterday afternoon. Now I understand the process. Thank you all for your responses.

    Bookmark   February 1, 2013 at 10:17AM
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ncrealestateguy

You will get anywhere from 7 - 15 days to perform all of your Due Diligence. During this time, you can terminate the contract for any/no reason and receive your deposit back. Was this what you found out?

    Bookmark   February 1, 2013 at 3:00PM
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brickeyee

"The previous owners bought the house for 320,000 back in 2005."

And that is significant why?

A 2005 price has nothing to do with the value today.

    Bookmark   February 1, 2013 at 3:51PM
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