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The "Home Inspection for Information Purposes Only." (coupled with no home inspection contingency, ie, no back and forth, no walkingg after the inspection)
What the hell is that? It is a trick, is what it is. In my first year, I let one agent do this, thinking it would build goodwill, and it backfired. They did it during the HOA review period and backed out over something stupidly small!
(Sidenote, I was able to keep $3,000 of the deposit for my client. Why? Because the idiot put on my voicemail that he was backing out because they found XYZ. Thing is, with HOA docs, you can get out for NO reason, or an HOA reason, you can't get out for an unrelated matter. The broker said "in my 30 years... I've never...")
Now my motto is "You want that information, great, do it AFTER closing."
Don't get me wrong, I'm all for home inspections. What I am against is agents sneakily (is that a word?) trying to make their contract look more attractive, either to win a bidding war or to win on price (see post on winning on terms).
There are other creative ways to help your client while making your contract stronger (without increasing the price).
1) Put in a provision that the buyer will only request items over $2,000 to be repaired. That way the seller knows you aren't going to nickel and dime them
2) Or go higher. Put in a provision that the buyer will only request items over $15,000 to be repaired. That way the seller knows you just want it inspected to make sure it isn't falling off a cliff (which is usually most people's concern)
3) Make it an all or nothing home inspection. That is what the banks do sometimes. I'll get it inspected and I'll walk or I'll buy it. Hopefully this implies that you won't sweat the small stuff.
But don't do the "Info Only" stuff. It is dishonest if you try and do it during the HOA review period with the intent of using the HOA Docs to get out. And if the seller can prove that this was your intent, you might risk your deposit and more. (most people think only the deposit is at risk when you back out of a contract, they are wrong)
And the only thing worse that an "Info Only" inspection is a contract with no home inspection contingency yet the buyer still sneaks in their Home Inspector anyhow, and then they have the gaul to bring one anyhow? No Sir.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.