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Contract without Inspection

Posted by firsthousehunter (My Page) on
Wed, Aug 19, 09 at 16:59

My offer on a foreclosed home was accepted. The dealine for the contract is tomorrow, which I recieved on Monday. (wow, they move fast) As of this moment, I am unable to have an inspection due to all of the utilities not being on. The listing agent said to submit the contract, but to hold on to the earnest money until after the inspection. I don't want to lose the house, but I do not want to submit a contract without an inspection. Would I be held liable even if I don't submit the earnest money, since it's a contract that I am signing? I am a first time homebuyer and I'm very confused about this situation.


Follow-Up Postings:

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RE: Contract without Inspection

I would strongly suggest that you have the contract constructed by a local real estate attorney. Or have the attorney check out the contract, if it is written by the bank. Most states have time restrictions for having an inspection and give you the chance to withdraw your offer based on the the inspection. Also you want to be sure that the contract would limit your loss to earnest money only in case you should not want to complete the sale of the home.
Good luck
Susan


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RE: Contract without Inspection

Do you have an agent of your own? Who is preparing this contract?

I don't know what is customary where you and the house are, but here, one would submit a contract with contingencies for inspection, financing, and title review. If you are not familiar with the process, you should get professional advice.


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RE: Contract without Inspection

These are the most common dates and deadlines in a real estate contract. Make sure they are in yours as a minimum.
Event Date or Deadline
1. Alternative Earnest Money Deadline
2. Loan Application Deadline
3. Loan Conditions Deadline
4. Buyers Credit Information Deadline
5. Disapproval of Buyers Credit Information Deadline
6. Existing Loan Documents Deadline
7. Existing Loan Documents Objection Deadline
8. Loan Transfer Approval Deadline
9. Appraisal Deadline
10. Appraisal Objection Deadline
11. Title Deadline
12. Document Request Deadline
13. Survey Deadline
14. CIC Documents Deadline (Common Interest Community)
15. CIC Documents Objection Deadline
16. Title Objection Deadline
17. Off-Record Matters Deadline
18. Off-Record Matters Objection Deadline
19. Survey Objection Deadline
20. Right of First Refusal Deadline
21. Sellers Property Disclosure Deadline
22. Inspection Objection Deadline
23. Inspection Resolution Deadline
24. Property Insurance Objection Deadline
25. Closing Date
26. Possession Date
27. Possession Time
28. Acceptance Deadline Date
29. Acceptance Deadline Time


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RE: Contract without Inspection

The listing agent is NOT looking out for your best legal interests.

All the dates listed are critical.

Get a lawyer for your first time buying, especially with this being a foreclosure. It will be money well spent and will give you a guide for what to look for/include/exclude in the future.


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