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Pre-sale inspections

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Real Estate Agent with Houlihan Lawrence

I've become friendly with a woman at school pick-up. They've been searching for a home in the area for a while now. They are not my clients, nor do I intend to solicit the business. We do talk about the inventory in general and some houses, but that's all. Two weeks ago she was all excited, they're having the engineering done on a house they wish to buy. I ran into her yesterday and she told me the deal fell through. The engineering uncovered structural problems and they could not come to agreement. This is the second home this has happened to with them. 

Perhaps there is a common denominator here (it's them), but these are also old homes so it could just be they want a safe and structurally sound property. My point is not to question them, I wonder how many sellers do a pre-sale inspection/emgineering?

Maybe if homeowners knew what was coming down the pike, the could be prepared.

Any thoughts??? 

Comments(3)

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Thomas E. Elder
Mortgage Broker Compliance Consultants - Forest Hill, MD
Founder, Mortgage Broker Compliance Consultants

Jessica,

I think they they are very smart to be getiting this done.   The reality is that most homebuyers do not want to spend the money(or even have the money to spend) on 2 or 3 of these inspections as the houses fail.   I am in the mortgage end of the process and as the lenders are becoming tougher and tougher on loans, It might not be too far in the future that they require inspections on properties.  Especially those that are really old or are questionable in the appraisal.  

Buyer beware has always been the way that a real estate transaction has been done.   It is statistically proven that the buyer is becoming more saavy and being much more cautious in the buying process.  

 

Thanks for the post .

Feb 27, 2008 06:17 AM
Janis Gaines
Staging Sells Eugene Homes - Eugene, OR
Home Stager Eugene OR - The Notably Well-Dressed H

I've sold 3 homes in the past 5 years...call me crazy! In each one, I've had a contractor come over to go through the places with a fine tooth comb. I fixed everything I was told needed to be fixed.

I figure that the longer it takes to close a sale, the more chances there are for things to go wrong so I'm proactive about fixing everything I can up front, before the home goes on the market. Saves a lot of headaches and deals that fall through further down the road!

Feb 28, 2008 06:01 PM
Jessica Klein
Houlihan Lawrence - New Rochelle, NY

Thanks Tom,

I think it's a smart seller that does the investigative work beforehand. The fewer surprises down the road the better for all.

Jessica 

Feb 29, 2008 06:02 AM