can a buyer see the home inspection report before being locked into an agreement?
on a foreclosed home...
(0) | asked by: Louise Laukhuff | share | 9 months ago | Report
2500 characters left
Answer Tips: Share your knowledge. Be on-topic . Refrain from self-promotion.
* Refer to our community guidelines.
* Refer to our community guidelines.
Viewing Answers 1 - 9 of 9
Some properties will have a preinspection available to potential buyers. Very untypical on a foreclosure, however. You can always have an inspection done prior to having a contract but you maybe spending money on an inspection for a house that could go under contract with someone else. And since you're talking about foreclosure properties, a lot of times the utilities won't be on until after there's a ratified contract. Secure the home first, then perform your own, independent inspection.
My buyers always review the inspection before spending any other monies. If something un-expected turns up, this can be negotiated with the seller or accepted by the buyer. Then , the buyer is free to move on with the contract or step away from the deal. Hope this helps!!!
Some listings have had a prior inspection that they will have posted for your agent download, but this is not always that case. If there is not one, you will put in an offer and pay Due Diligence (250-500) in most cases, to conduct inspections. If you are concerned ask your agent to hold off on title search and appraisal, so you don't loose more funds.
answer by Ray
Yes but you must pay for the inspection. A general figure is 500 dollars. You will receive a detailed report. Foreclosure just means the bank now owns the home. Disclosures may apply in some cases so you still must know any stipulations before even buying a foreclosed home. Always ask questions.
buyers have the opportunity to conduct their due-diligence on the property. You certainly can have an inspection before your offer, but the inspection is cost you. Inspection after an offer can be contingent upon an inspections reports, you have an inspection period , and during that period you'll have an opportunity to raise any issues or you've found on that report.
Many homes have a seller disclosure that you can ask for before you make and offer. Certainly ask for it and you will find out. You can also make your offer contingent upon an inspection report that is acceptable to you and allow you to cancel the contract if it is not acceptable. You would likely have to pay for the inspection as it is not an obligation of the seller.
Usually the Buyer would hire a home inspector AFTER making an offer. The Buyer has the right to get out of the contract (and get back trust deposit / EMD money ) if the results are not satisfactory. It is different, when the house is in foreclosure.. Most of bank-owned properties are sold in AS IS condition and the Buyer is to sign the disclosure about it.
Hi Louise! Great question! Almost all foreclosed properties are sold AS-IS, which is probably the premise for your question :-). Typically, an inspection report is available as a result of an inspection conducted by a contractor for the owner (Bank, Corporate, etc.). However, I always recommend my buyer clients hire an ASHI-certified inspector to conduct an inspection of their own. This way there is no doubt about the condition of the property. And because inspection contingencies are customary in residential purchase agreements, if your inspector finds something that is a showstopper you have the option to be released from the contract. I hope this helps!
As long as enough time was allocated on the purchase contract, then yes. You'll need to advise the inspector that you need the report w/in 24 hours.... then make sure you gat at least a week to complete the inspections. The day before your inspection period ends.... you can choose to accept the results.. or not and step away from the deal. In Florida, that is....
Top Q&A Contributors*Top Contributors over the last 30 days in Virginia
Please read Homes.com's Questions & Answers Community Guidelines.