If I had an a offer accepted without an inspection contingency

[Anonymous]

Inspections are pretty much pointless anyway. Most inspectors will go around looking for loose doorknobs and miss the raccoon nest in the attic.

[Anonymous]

Anonymous wrote:Why would you handle things like this, OP? Were you being sneaky?

Because I had to make the decision in 24 hours and now I’m worried I’m in over my head with a house I won’t be able to repair or resell for anything near what it will cost me.

[Anonymous]

Adding, according to online value estimators I also overpaid by $50-75K.

[Anonymous]

Anonymous wrote:I've done it before. Called an informational inspection. Nothing revealed in the inspection could be used to get out of the sale

No seller is going to allow an inspector into the house after a contract is ratified under these circumstances. I guess you could lie and ask for access to measure the drapes or something. But, generally, OP isn't going to have access to the property until the walk-through on settlement day.

[Anonymous]

Anonymous wrote:Adding, according to online value estimators I also overpaid by $50-75K.

Do you have an appraisal contingency? Can you cover an appraisal shortfall?

[Anonymous]

Anonymous wrote:Inspections are pretty much pointless anyway. Most inspectors will go around looking for loose doorknobs and miss the raccoon nest in the attic.

Not necessarily true. I once had an inspector flag a Federal Pacific electrical panel that was a known fire hazard. Cost the seller $3,000 to replace.

[Anonymous]

Anonymous wrote:Adding, according to online value estimators I also overpaid by $50-75K.

Then lose your deposit.

[Anonymous]

Anonymous wrote:Adding, according to online value estimators I also overpaid by $50-75K.

You mean like the Zestimate? None of those online estimates are even remotely reliable.

[Anonymous]

Is there an HOA by any chance and would you happen to be in VA? My understanding is that the HOA contingency can’t be waived in VA so that would be a way to get out of the sale if you want to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Adding, according to online value estimators I also overpaid by $50-75K.

Do you have an appraisal contingency? Can you cover an appraisal shortfall?

No I had no contingencies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why would you handle things like this, OP? Were you being sneaky?

Because I had to make the decision in 24 hours and now I’m worried I’m in over my head with a house I won’t be able to repair or resell for anything near what it will cost me.

You probably can be sued for specific performance of contract, OP. Be careful and make no moves without consulting an attorney. Don't rely on your agent for guidance on this. It sounds like your agent sucks if they allowed you (or worse, encouraged you) to make an offer without an inspection.

Even if you had HAD an inspection, if you have no budget for repairs, you have no business buying property. Your home is going to need repairs, whether or not they turn up now on an inspection. Even a basic plumbing thing like a running toilet you can't fix will cost $400 if you need to a plumber out. I had a pinhole leak in a water pipe that ended up costing me $2,000 last year -- there were plumbers and then i needed the ceiling/wall repaired and painted. I have an oak tree in the yard that's going to cost me about $1,000 this year to trim. My deck has rotting pieces -- I can probably replace those boards myself, but I also have a broken hot tub (inherited from previous owners and worked for several years before dying) that just went kaput. And, my air conditioner is from 1997 -- amazingly, still works, but I'm well aware I'm on borrowed time and I'll need to replace it and might just do so this winter rather than take a risk of it conking out next May.

These are normal things for home ownership. You need to get used to that idea and budget for it.

[Anonymous]

Anonymous wrote:Is there an HOA by any chance and would you happen to be in VA? My understanding is that the HOA contingency can’t be waived in VA so that would be a way to get out of the sale if you want to.

No HOA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why would you handle things like this, OP? Were you being sneaky?

Because I had to make the decision in 24 hours and now I’m worried I’m in over my head with a house I won’t be able to repair or resell for anything near what it will cost me.

You probably can be sued for specific performance of contract, OP. Be careful and make no moves without consulting an attorney. Don't rely on your agent for guidance on this. It sounds like your agent sucks if they allowed you (or worse, encouraged you) to make an offer without an inspection.

Even if you had HAD an inspection, if you have no budget for repairs, you have no business buying property. Your home is going to need repairs, whether or not they turn up now on an inspection. Even a basic plumbing thing like a running toilet you can't fix will cost $400 if you need to a plumber out. I had a pinhole leak in a water pipe that ended up costing me $2,000 last year -- there were plumbers and then i needed the ceiling/wall repaired and painted. I have an oak tree in the yard that's going to cost me about $1,000 this year to trim. My deck has rotting pieces -- I can probably replace those boards myself, but I also have a broken hot tub (inherited from previous owners and worked for several years before dying) that just went kaput. And, my air conditioner is from 1997 -- amazingly, still works, but I'm well aware I'm on borrowed time and I'll need to replace it and might just do so this winter rather than take a risk of it conking out next May.

These are normal things for home ownership. You need to get used to that idea and budget for it.

I’m not worried about little things. I’m worried about big things I don’t know about. The sellers included an inspection from August 2023 with the disclosure, that had lots of little things and they had fixed the “safety”/red ones. I didn’t get my own inspection and I’m worried that there could be big things on this house from 1937.

[Anonymous]

Let me understand -
You put an offer on a house without an contingencies.
Your offer was accepted.
Now you are having cold feet
You think the offer you made (that was accepted) was materially above market value
You are concerned there are maintenance issues that you can not afford
You want to walk away from the transaction and just lose you EMD?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why would you handle things like this, OP? Were you being sneaky?

Because I had to make the decision in 24 hours and now I’m worried I’m in over my head with a house I won’t be able to repair or resell for anything near what it will cost me.

You probably can be sued for specific performance of contract, OP. Be careful and make no moves without consulting an attorney. Don't rely on your agent for guidance on this. It sounds like your agent sucks if they allowed you (or worse, encouraged you) to make an offer without an inspection.

Even if you had HAD an inspection, if you have no budget for repairs, you have no business buying property. Your home is going to need repairs, whether or not they turn up now on an inspection. Even a basic plumbing thing like a running toilet you can't fix will cost $400 if you need to a plumber out. I had a pinhole leak in a water pipe that ended up costing me $2,000 last year -- there were plumbers and then i needed the ceiling/wall repaired and painted. I have an oak tree in the yard that's going to cost me about $1,000 this year to trim. My deck has rotting pieces -- I can probably replace those boards myself, but I also have a broken hot tub (inherited from previous owners and worked for several years before dying) that just went kaput. And, my air conditioner is from 1997 -- amazingly, still works, but I'm well aware I'm on borrowed time and I'll need to replace it and might just do so this winter rather than take a risk of it conking out next May.

These are normal things for home ownership. You need to get used to that idea and budget for it.

I’m not worried about little things. I’m worried about big things I don’t know about. The sellers included an inspection from August 2023 with the disclosure, that had lots of little things and they had fixed the “safety”/red ones. I didn’t get my own inspection and I’m worried that there could be big things on this house from 1937.

So, they shared an inspection and you're still anxious? Are you generally an anxious person or is this experience just bringing it out?

I'm not sure what you think "little" things are. Replacing my HVAC is going to cost me around $10,000. Granted, I knew the age of the system when I bought the house. But that's not a "little" thing.

I would like to think a previous inspection would spot something major like foundational problems, especially on a house built in 1937. So if you have a copy of an inspection from a couple of months ago and they've repaired bigger items on that list, I think you can probably have some confidence that there probably aren't any hidden known surprises.

I'm not sure what you think "major" things are? Foundation issues would be the biggest concern. HVAC. Roof. But presumably the August report would give you an approximate age on those things.