If I had an a offer accepted without an inspection contingency

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Then what is?

I mean, in this market, a house is worth what someone pays.

It sounds like you have cold feet and are looking for a reason to get out. Is the inspection a way to do that, or do you just want an informational inspection? If you want out and know that now, talk to your agent to see what can be done. It's possible they had a back up offer and would be willing to negotiate. Also possible they'll want to keep you EMD. Or sue you. In which case you're up a creek.

Reading between the lines, it sounds like there was a contract in August that had a bad home inspection and THAT buyer walked. It sounds like the seller addressed the inspection items and shared the inspection with subsequent buyer. My guess is they'd be in NO mood to let someone else walk without consequence. And I doubt there is a backup offer under the circumstances.

OP, it's normal to have cold feet. It will almost certainly be fine. Ignore the online valuations. They're all utter bullshit.

If you're really curious, pay for an actual appraisal (which you may be doing anyway if you're going to have a mortgage).[/quote

OP here. Wow. I’m a first time buyer and my agent didn’t even suggest that this was the scenario.

Or - the seller wanted a quick sale and paid for their own inspection.
And in good faith shared the inspection with potential buyers in order to accelerate the process.

You can see online if there was a previous offer on the house - just ask your agent

Would a previous offer be listed if they didn’t use an agent? I know it wasn’t listed for sale on any public site bc I check all day every day.

[Anonymous]

There are lots of what-ifs.
You put the offer in - signed the papers.

If you want an inspection - ask the owner if you can have one done. They might say yes, they might say no.

If you don't want the house - talk to your agent about what is the process to walk away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Then what is?

I mean, in this market, a house is worth what someone pays.

It sounds like you have cold feet and are looking for a reason to get out. Is the inspection a way to do that, or do you just want an informational inspection? If you want out and know that now, talk to your agent to see what can be done. It's possible they had a back up offer and would be willing to negotiate. Also possible they'll want to keep you EMD. Or sue you. In which case you're up a creek.

Reading between the lines, it sounds like there was a contract in August that had a bad home inspection and THAT buyer walked. It sounds like the seller addressed the inspection items and shared the inspection with subsequent buyer. My guess is they'd be in NO mood to let someone else walk without consequence. And I doubt there is a backup offer under the circumstances.

OP, it's normal to have cold feet. It will almost certainly be fine. Ignore the online valuations. They're all utter bullshit.

If you're really curious, pay for an actual appraisal (which you may be doing anyway if you're going to have a mortgage).

OP here. Wow. I’m a first time buyer and my agent didn’t even suggest that this was the scenario.

pp here. Another scenario is they just did an inspection themselves to get it ready for market. That would be a sign of good faith behavior -- and an indication you should behave in similar good faith and close.

[Anonymous]

Agent here. If you go through with the sale and later find there are big ticket items that you need to fix, you could go after the agent through the Guaranty Fund and potentially recoup the cost of those repairs. You should also definitely write a review of the agent on Zillow. I work with first time home buyers all the time and would never encourage my clients to NOT either preinspect or include a HI contingency. It's just too risky. The home inspection that they provided may been from a prior sale or not. Some sellers do an inspection prior to listing. Regardless, there are varying levels of competence with inspectors so who knows if this is an accurate representaion of the condition of the house?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did your agent encourage you to submit without an inspection contingency? Why didnt you preinspect?

Yes and to overbid.

Was it a competitive situation?

[Anonymous]

Anonymous wrote:

Anonymous wrote: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?

Essentially except: I can afford them but if there are big ticket things and I already overpaid it will not be worth the money on this house which by the way also requires renovation of 2.5 baths and a kitchen, plus landscaping of a 0.4 lot.

You probably won’t know the expensive things.

We had an inspection and our realtor (not inspector) told us to have a sewer scan, we did and low and behold we had to redo part of our sewer line and got some of that $ (because we had an inspection years ago). The inspector didn’t catch it! We also had to move our electrical box because it was by the water heater (?!) and then realized we had to ground the electrical and do a bit more work. The inspector told us to move the box, but didn’t catch the electrical issues because you wouldn’t know until you went in there. The inspector said our gutters were fine… first rainstorm too much water and they clearly were messed up so we had to get all new gutters.

Owning a house it is always going to be something. People I know bought brand new and their basement flooded within like the first few months of owning! Another friend bought without an inspection and the entire second level had no electricity.

You never know what would happen with a house. It’s always something, seriously, it’s always something.

[Anonymous]

Sounds like you are in over your head without prior thought and now you want to bail. You need to pay for consequences.

[Anonymous]

None of the reasons you state - bathroom remodels and landscaping - reason enough to cancel the contract. These are options you can choose to make. These didn't pop up suddenly either.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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?

Essentially except: I can afford them but if there are big ticket things and I already overpaid it will not be worth the money on this house which by the way also requires renovation of 2.5 baths and a kitchen, plus landscaping of a 0.4 lot.

You should have thought through these things before making an offer. If you did not feel you had enough time to deliberate, you don’t make an offer.

No seller in their right mind will let you do an inspection now. You are a seller’s worst nightmare. This is the reason why people with lower offers but all cash get accepted. Likelihood of closing is a big consideration for a seller.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did your agent encourage you to submit without an inspection contingency? Why didnt you preinspect?

Yes and to overbid.

Was it a competitive situation?

Don’t know. I initially offered ask with cash and the sellers agent laughed. I bid enough to get before the open house, but that’s bc I’ve been looking for a year and been outbid 5+ times.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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?

Essentially except: I can afford them but if there are big ticket things and I already overpaid it will not be worth the money on this house which by the way also requires renovation of 2.5 baths and a kitchen, plus landscaping of a 0.4 lot.

And THIS is exactly why you will not get the seller to allow an inspection at this point. Or even allow you access to the house.

[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

But be prepared for the seller to say "We close on October 10th. Schedule your inspection for the 11th"

Which is exactly what I did when my buyer wanted to get an inspector into the house

[Anonymous]

What did you not want them to find?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did your agent encourage you to submit without an inspection contingency? Why didnt you preinspect?

Yes and to overbid.

Was it a competitive situation?

Don’t know. I initially offered ask with cash and the sellers agent laughed. I bid enough to get before the open house, but that’s bc I’ve been looking for a year and been outbid 5+ times.

That was rude of the seller’s agent. Can you make a complaint? Don’t offer what you can’t afford and come up with your max #. My spouse and I lost out on multiple homes, but refused to go more than our max. One home we loved someone else bought for just $10k more, but we had already been going up and wouldn’t go more and we went above our max for that house. I’m glad we didn’t, and we ended up buying in the same neighborhood.

Don’t get emotional. People get attached to homes and then pay way over ask or what they can’t afford.

I’m sorry you didn’t have a different agent. Lesson learned.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did your agent encourage you to submit without an inspection contingency? Why didnt you preinspect?

Yes and to overbid.

Was it a competitive situation?

Don’t know. I initially offered ask with cash and the sellers agent laughed. I bid enough to get before the open house, but that’s bc I’ve been looking for a year and been outbid 5+ times.

That was rude of the seller’s agent. Can you make a complaint? Don’t offer what you can’t afford and come up with your max #. My spouse and I lost out on multiple homes, but refused to go more than our max. One home we loved someone else bought for just $10k more, but we had already been going up and wouldn’t go more and we went above our max for that house. I’m glad we didn’t, and we ended up buying in the same neighborhood.

Don’t get emotional. People get attached to homes and then pay way over ask or what they can’t afford.

I’m sorry you didn’t have a different agent. Lesson learned.

GMAFB. You want to file a complaint because someone laughed at you? Good lord. Toughen up.

Moreover, OP wanted the seller to cancel the open hose, but decided to offer only the asking price. Under the circumstances, laughter wasn't rude, it was completely justified.