If I had an a offer accepted without an inspection contingency

[Anonymous]

My in laws sold their home to someone with no contingencies. They allowed them to come in before close for their contractor, curtain person, and painter. Do you have a contractor to redo the kitchen and bathrooms? Could you ask for that person to go on and have them look around? Won’t be the same as an inspection though.

[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.

So since you have been looking for a year - and you have been outbid multiple times - you have a sense of what you want and what the process is.
You will never know if there may have been other offers but you liked the place enough to offer enough so that they cancelled the open house.
Part of what you are not putting into your "cost" is what is the cost of continuing to look?
We over paid by about $15K - and it was worth it as that was what we valued not having to look anymore.
Not spending the time or the emotions of waiting to find out that our bid was accepted (or not).

So maybe you are overpaying for the asset- but not the complete aspect of your life and you can not fully decouple this.

[Anonymous]

Anonymous wrote:

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.

The realtor could say we are still having an open house if you only offer ask without laughing at someone.

It is called being unprofessional and rude. I was taught manners and professionalism.

[Anonymous]

We used 3 different RE agents last summer to buy a SFH (long story) and while they said we could leave the home inspection contingency if wanted, we would not likely win the house. None of them were fans of "pre inspections" for various reasons, and given our experience with our first home (TH) several years ago that had an inspection but had so many larger issues hidden behind walls, we tended to agree with them.

[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.

So putting together some of your posts:

You are a first time home buyer.
You have lost out on five or more (you don't know the exact amount) houses.
You offered the asking price, in cash, for the house you have under contract.
Despite putting multiple offers in, you are shockingly clueless about the home buying and inspection process.
Your agent somehow pressured you to "overbid" on the house.

I am starting to think that this is not on the up and up.

[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.

The seller’s agent was obligated to present that cash offer for asking price to his/her client.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

The realtor could say we are still having an open house if you only offer ask without laughing at someone.

It is called being unprofessional and rude. I was taught manners and professionalism.

OK, snowflake.

[Anonymous]

OP, have you used an escalation clause or just made an offer over ask?

[Anonymous]

Anonymous wrote:OP, have you used an escalation clause or just made an offer over ask?

Just made an offer over ask. It was stupid, I should have used an escalation clause.

[Anonymous]

Anonymous wrote:

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

We had a buyer do one on a house we were selling. Even though it was informational they came back asking for repairs. We said absolutely not. The buyer had a crappy agent and didn’t understand what an informational inspection was. Not my problem. We eventually closed and made none of the repairs they wanted but the buyer was a PITA

I had a pre-inspection done so I knew what I was getting into. I needed the informational inspection to get measurements and stuff for the renovation

[Anonymous]

OP you're just getting cold feet. Don't worry about it. Enjoy your new house

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, have you used an escalation clause or just made an offer over ask?

Just made an offer over ask. It was stupid, I should have used an escalation clause.

The agent should have advised you better.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, have you used an escalation clause or just made an offer over ask?

Just made an offer over ask. It was stupid, I should have used an escalation clause.

The agent should have advised you better.

Yes, I agree. I wish I had thought of this. I paid at least $50K over what it might have gone for.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, have you used an escalation clause or just made an offer over ask?

Just made an offer over ask. It was stupid, I should have used an escalation clause.

The agent should have advised you better.

Yes, I agree. I wish I had thought of this. I paid at least $50K over what it might have gone for.

An escalation clause is not appropriate for the situation you were in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, have you used an escalation clause or just made an offer over ask?

Just made an offer over ask. It was stupid, I should have used an escalation clause.

The agent should have advised you better.

Yes, I agree. I wish I had thought of this. I paid at least $50K over what it might have gone for.

An escalation clause is not appropriate for the situation you were in.

Why not? I wound up paying $100K over ask for a house that isn’t worth that.