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

Yes and to overbid.

^with respect to their having an on-hand inspection because of a failed sale I mean. It wasn’t listed in August, but maybe it was a pocket deal. It’s possible they wanted not to pay an agents fee and tried FSBO with someone they knew.

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

Anonymous wrote:

Anonymous wrote:

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

I can get out of the sale, they would just keep my deposit.

That’s actually not true. Buyers often think it is but they sellers can tie you up legally and in theory you could be forced to close. We had buyers walk bc they found something else came on while they were under contract. We got a lawyer and it was a mess. We ended up letting them out but could have pursued it. This was in dc - maybe other states are different

The contract specifically says their damages are limited to the deposit.

You're wrong about that: : Buyer and Seller agree to perform at Settlement in accordance with the terms of this Contract and acknowledge that
failure to do so constitutes a breach hereof. If Buyer fails to complete Settlement for any reason other than Default by Seller, at the option of
Seller, the Deposit may be forfeited as liquidated damages (not as a penalty) in which event Buyer will be relieved from further liability to
Seller. If Seller does not elect to accept the Deposit as liquidated damages, the Deposit may not be the limit of Buyer's liability in the event of a
Default. If the Deposit is forfeited, or if there is an award of damages by a court or a compromise agreement between Seller and Buyer, Broker
may accept and Seller agrees to pay Broker one-half of the Deposit in lieu of the Broker's Fee, (provided Broker's share of any forfeited Deposit
will not exceed the amount due under the listing agreement).

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.

Anonymous wrote:

Anonymous wrote:

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

I can get out of the sale, they would just keep my deposit.

That’s actually not true. Buyers often think it is but they sellers can tie you up legally and in theory you could be forced to close. We had buyers walk bc they found something else came on while they were under contract. We got a lawyer and it was a mess. We ended up letting them out but could have pursued it. This was in dc - maybe other states are different

The contract specifically says their damages are limited to the deposit.

I would still consult a lawyer.

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).

Anonymous wrote:

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

I can get out of the sale, they would just keep my deposit.

That’s actually not true. Buyers often think it is but they sellers can tie you up legally and in theory you could be forced to close. We had buyers walk bc they found something else came on while they were under contract. We got a lawyer and it was a mess. We ended up letting them out but could have pursued it. This was in dc - maybe other states are different

The contract specifically says their damages are limited to the deposit.

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

I can get out of the sale, they would just keep my deposit.

That’s actually not true. Buyers often think it is but they sellers can tie you up legally and in theory you could be forced to close. We had buyers walk bc they found something else came on while they were under contract. We got a lawyer and it was a mess. We ended up letting them out but could have pursued it. This was in dc - maybe other states are different

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.

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.

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?

Dumb and unethical is no way to go through life, son.

Anonymous wrote:If I were the seller, I would not let you.

+1

And the fact you even requested it after waiving the right to inspect would have me wary of you. I would not be going above and beyond before closing for any reason. No letting you sneak in a couple weeks early to take measurements for contractors or leaving manuals and logs of home repairs. You’d get the keys and that’s it.

I say this as someone who did a pre-inspection and did not ask for any repairs to get my house.

Either walk now and let them keep your deposit or go through with the sale per the contract (i.e. no inspection).