If I had an a offer accepted without an inspection contingency
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Anonymous
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Why do you want an inspection? They are over rated. They can be used for leverage in a soft market but there’s nothing major an inspector will notice that a savvy home owner won’t. You’re willing to pay 100k over asking but worried about minor repairs that might be 5-10k? Anything over that will be really hard to hide.
Inspections are pointless in a hot market on a house that will go fast. Your agent gave you good advice, if you had to have that house. If you wanted an inspection, even if they gave you one, they can refuse to remedy and exit the contract. Which they would do bc the next buyer won’t want an inspection. |
Anonymous
This. And stop watching the Zillow algorithm. They are not going to let you do an inspection. You are going to love the house once you are in -- it's normal to have cold feet. |
Anonymous
The informational inspection contingency has to be in the contract or you cannot void based on the inspection. You can get out of the sale, but the seller could also sue your for specific performance. Not likely but it is possible. |
Anonymous
Comps. Didn't your realtor offer you any? |
Anonymous
| How much was your deposit? I think you are very lucky to see the Aug inspection most sellers do not include an inspection. |
Anonymous
How did that happen? |
Anonymous
So true. When we sold our house, the Redfin and Zillow estimates both were within a range of $60,000 over the course of two weeks. |
Anonymous
You don't know that. You paid what you were willing to pay, which is therefore the value of the house. |
Anonymous
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Wow. We just bought and sold a home. Our offer was accepted at list price with a void only inspection and no other contingencies. Our home was sold to someone who did a pre-inspection and waived all other contingencies.
I would have been wary of an offer on our 50 year old house without any sort of inspection, frankly. |
Anonymous
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Sure you can get an inspection. Just have your agent talk to their agent.
However, your contract does not allow you to void the deal based on the findings of the inspection. If the inspection found some terrible issue, like a wrecked foundation, you could always walk away and suffer the costs/damages from breaking the deal. |
Anonymous
DP. The escalation clause was not appropriate because you bid on the house before the Open House. You bid high in order to stop them from having an Open House and put the house under competition. Essentially you bid high to stop you getting into a competitive auction where you would have to outbid other competitive offers. Escalation clauses only work if there is competition. If there is no competition, then the escalation clause doesn't engage, but from the lowest offer, the seller has to agree to the low offer or decline. The seller cannot activate the escalation. So, let's say the house is on the market for $500K. You put in a bid of $600K and the seller agreed to take the money in hand and cancel the Open House. Let's say, instead, you offered $550K with an escalation clause up to $600K. If the seller wanted competition, they might not accept the $550K because they think they'll get more for a competitive situation and want to go to the Open House. But without competing offers, the seller cannot get more than $550K. Their choice is to accept the $550K or decline. They decline. Now it gets to the Open house and say you repeat your offer or extend your offer until after the Open House. But there is another buyer who also bids $550K, but they have an escalation clause up to $610K. They will win the house for $601K because your escalation clause only went up to $600K. In the first scenario, you win the house for $600K because you got them to cancel the Open House and you were the only offer. In the other case, you have the escalation clause, but because they declined and went to Open House, you got beat out by someone with a higher escalation clause. In any event, the escalation clause will never engage if there are no other buyers competing, so then the sellers have the option to accept or decline on the bottom offer. If they decline, then you lose the "bid first, bid high" gamble. And in neither of the examples does it matter what appraisal sites say the house is worth. The thing that determines what the house is worth is what is the highest amount that a buyer is willing to offer. You won that with your bid, so you set the worth of the house. |
Anonymous
Anonymous
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OP. No you didn’t. Nice house though. |
Anonymous
Because putting in an escalation clause wouldve encouraged the sellers to try to get another offer to activate the escalation clause. There is now way that you know that you overpaid by $100K. Im not sure why you think you know that so definitively. |
Anonymous
+1. When I was a first time home seller I allowed an informational inspection. I still ended up having to fix small things because of other contract language as it relates to plumbing, electrical, and HVAC (this was VA about 20 years ago). So while it wasn’t nitpicky items or a negotiation it still cost me a few hundred dollars. There are also laws at least in MD where the seller would have to disclose if anything was major found in the home inspection if the deal fell through and they needed to put it back on the market. So knowing what I know now, I would absolutely say you can inspect after closing because there would be zero benefit to me as the seller to allow it before and I know they are saying to the buyer - oh just get an informational inspection ….they seller still has to fix abc and disclose xyz … |