Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

property inspection

Ian

0
Registered
Joined
Aug 30, 2007
Messages
243
I am pretty sure that RL mentioned to just buy the property "as is." What happens if we do that and then find out later that there is a serious deficiency with the house (perhaps this is discovered as I/you sell to a new buyer)? Can we still order an property inspection even though we are trying to buy the house such that we get a good spread?



Thanks RL grads!!



Ian
 

Thomas Beyer

0
REIN Member
Joined
Aug 30, 2007
Messages
13,881
QUOTE (Ian @ Nov 2 2009, 12:29 PM) I am pretty sure that RL mentioned to just buy the property "as is." ..
Which part of "as is" did you not understand ?

Having said that, if you wish to do an inspection you can do that, of course !

Depending on the contract wording a deficiency may NOT allow you to get out of a conditional contract .. thus: word conditions carefully, such as " .. conditional upon financing satisfactory to purchaser .."
 

Jeffrey2144

New Forum Member
Registered
Joined
Jun 13, 2008
Messages
55
QUOTE (Ian @ Nov 2 2009, 02:29 PM) I am pretty sure that RL mentioned to just buy the property "as is." What happens if we do that and then find out later that there is a serious deficiency with the house (perhaps this is discovered as I/you sell to a new buyer)? Can we still order an property inspection even though we are trying to buy the house such that we get a good spread?

Thanks RL grads!!

Ian

Sure you can still get a property inspection. It`ll cost you around $350. If you can`t get a good spread after spending $350 then it wasn`t a good spread to begin with.

The key thing to remember here is that you haven`t put much (if any) of your own money into this house, you haven`t used your credit and your name will never be on title. So what`s your risk?

The answer is your INTEGRITY. You`ve told the seller that you will make the payments on their behalf. You owe it to them to ensure you will be able to do this so that means buying the house with the reasonable expectation that you can resell it. If you are unsure and cannot satisfy yourself (as an professional real estate investor) that the home is in good shape then have a property inspection done.
However, if you have done a few deals, have an eye open for certain defects and you can satisfy yourself that the house is good then you should have no problem reselling it with owner financing to someone less qualified than you and that wouldn`t notice a problem even if one did exist.
 
Top Bottom