Home |
Search |
Today's Posts |
![]() |
|
Home Repair (alt.home.repair) For all homeowners and DIYers with many experienced tradesmen. Solve your toughest home fix-it problems. |
Reply |
|
LinkBack | Thread Tools | Display Modes |
#1
![]() |
|||
|
|||
![]() First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. I have to tell you this never, never occured to me. I am hoping that the report will save me from buying a "Money Pit." I realize the home I am trying to buy is not new and there will be MINOR problems. I don't have a friend who is a realestate agent to ask these questions. Not even a friend of a friend of a friend who saw a show....... But, while I know some wear and tear is quite reasonable, what is not. The easy answer would be "What can you afford." But that is not a good answer. It the report comes back with a problem of say Water Damage and $2000 to repair, should I eat the cost What about $5000 for the Damage or $10 K. ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. If I sound Ignorent, its cuz I is. Please help me. All apollogies if this is not the right Forum to post this questions, but I lurked for a while and the people of this group seemed to be in the know. Stephen H. |
#2
![]() |
|||
|
|||
![]()
Get an inspection, you now think the house is fine and not needing any
repairs now or soon. If you find a big problem now that was unknown deduct it from the price . If you find out you will soon need major work, ex roof , heating, electric you can negotiate or walk. You want to know what you are buying and dont want a money pit. If it needs work, depending on type of problem, you get estimates and fix it to be sure it is done right. |
#3
![]() |
|||
|
|||
![]()
you gotta do what you gotta do. forget what the seller thinks of what you
are doing. everything is negotiable. the worst that can happen is one party backs out of the deal. randy "Stephen Huckaby" wrote in message news ![]() First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. I have to tell you this never, never occured to me. I am hoping that the report will save me from buying a "Money Pit." I realize the home I am trying to buy is not new and there will be MINOR problems. I don't have a friend who is a realestate agent to ask these questions. Not even a friend of a friend of a friend who saw a show....... But, while I know some wear and tear is quite reasonable, what is not. The easy answer would be "What can you afford." But that is not a good answer. It the report comes back with a problem of say Water Damage and $2000 to repair, should I eat the cost What about $5000 for the Damage or $10 K. ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. If I sound Ignorent, its cuz I is. Please help me. All apollogies if this is not the right Forum to post this questions, but I lurked for a while and the people of this group seemed to be in the know. Stephen H. |
#4
![]() |
|||
|
|||
![]()
ps.. go to the library. get 5 books on how to buy a house and read them.
you'll get the idea.. randy "xrongor" wrote in message ... you gotta do what you gotta do. forget what the seller thinks of what you are doing. everything is negotiable. the worst that can happen is one party backs out of the deal. randy "Stephen Huckaby" wrote in message news ![]() First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. I have to tell you this never, never occured to me. I am hoping that the report will save me from buying a "Money Pit." I realize the home I am trying to buy is not new and there will be MINOR problems. I don't have a friend who is a realestate agent to ask these questions. Not even a friend of a friend of a friend who saw a show....... But, while I know some wear and tear is quite reasonable, what is not. The easy answer would be "What can you afford." But that is not a good answer. It the report comes back with a problem of say Water Damage and $2000 to repair, should I eat the cost What about $5000 for the Damage or $10 K. ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. If I sound Ignorent, its cuz I is. Please help me. All apollogies if this is not the right Forum to post this questions, but I lurked for a while and the people of this group seemed to be in the know. Stephen H. |
#5
![]() |
|||
|
|||
![]()
On Mon, 07 Feb 2005, Stephen Huckaby wrote:
First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. Things are always negotiable, especially if you discover a major defect that was not disclosed to you. That would also obligate the buyer to repair or disclose that defect to any other potential buyer. And if nobody met the seller's price, they either drop their price or keep the house. Of course some people are stubborn. When my boss discovered a structural defect in a home he was considering (about $6000 to correct), the seller refused to repair it or drop his price. So my boss bought a new home in a nearby town (lower taxes anyway). But he heard that the guy with the defect had to repair it before he could sell that other home. When I bought a home, the problems that the home inspector found were minor, like hot/neutral reversed on some outlets (which I fixed myself), would probably need roofing within 5 years (no leaks or missing shingles), and chiminy needs tuckpointing. But the home had been around since 1910 and reasonably priced (I paid less than assessed by lender). My only unexpected expense since May 2002 was a vent damper for the boiler. |
#6
![]() |
|||
|
|||
![]()
often being the first perons to tell someone there house isnt perfect is a
bad place to be. the seller is gonna have to fix somethin but wont accept it easily. randy |
#7
![]() |
|||
|
|||
![]()
The seller has just made it simpler for you to decide what to do.
Get the inspection. If it turns up minor things you can deal with, go ahead with the deal. If it turns up something you don't want to pay for, tell the seller the deal is off because it doesn't meet your inspection contingency. Ordinarily, at that point, the seller negotiates a price allowance for the repairs. But if this seller says he won't negotiate, you don't have to worry about that, just tell him the house failed inspection and you aren't buying it. (This assumes that your offer includes a contingency for inspection -- if the house doesn't pass and you can't reach an agreement with the seller, the deal is off, you get back your earnest money, the house goes back on the market.) -- is Joshua Putnam http://www.phred.org/~josh/ Updated Bicycle Touring Books List: http://www.phred.org/~josh/bike/tourbooks.html |
#8
![]() |
|||
|
|||
![]() "Joshua Putnam" wrote in message ... The seller has just made it simpler for you to decide what to do. Get the inspection. If it turns up minor things you can deal with, go ahead with the deal. If it turns up something you don't want to pay for, tell the seller the deal is off because it doesn't meet your inspection contingency. Ordinarily, at that point, the seller negotiates a price allowance for the repairs. But if this seller says he won't negotiate, you don't have to worry about that, just tell him the house failed inspection and you aren't buying it. (This assumes that your offer includes a contingency for inspection -- if the house doesn't pass and you can't reach an agreement with the seller, the deal is off, you get back your earnest money, the house goes back on the market.) but you dont get the inspection fee back. educating yourself via the library can get you quite a ways without having to pay someone. randy |
#10
![]() |
|||
|
|||
![]()
that people often take the Inspection report to the
bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. Yeah, and ... The seller IS responsible to fix/remedy all major defects. Every home has some minor defects. Get an inspection, find very reputable inspector been in business for a long time. If a house has structural problems, water damage, failed septic system, asbestos, bad plumbing (PB pipes), termites, faulty aluminum wires, non-functional HVAC, or leaking roof you will be out a lof of money. Most states require sellers disclosure. Seller must disclose those issues. If your inspector find any of the major defects ask seller fix it, or reduce the price. If he refuses, remind him and his agent that he NOW will be required to disclose major defects found by your inspector. If his broker values his/hers license they will. I had to spend some dough to fix major defects on my house, prior to market. Minor defects is a different issue, I refused to fix em, unless they cheap to fix. Brian |
#11
![]() |
|||
|
|||
![]()
Stephen Huckaby wrote:
First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. ..... Stephen H. You have gotten some good advice. I will make one additional suggestion. You are going to part with far more money than you have for anything before. It is likely the third biggest commitment of your life (wife and kids are #1 & 2). Get a professional on your side. Any realtor is no the sellers side, they get paid more the more you pay. Get an attorney or other professional representative that is not benefited by a higher price to the home. -- Joseph Meehan 26 + 6 = 1 It's Irish Math |
#12
![]() |
|||
|
|||
![]()
On Mon, 07 Feb 2005 22:03:35 -0500, Stephen Huckaby
wrote: First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. I don't understand the problem. Are you buying his home so he will be friends with you? I hope not. You are making a business deal that needs to be done professionally. That requires the inspection and the inspection often leads to negotiation with the seller on the repairs. The seller always has the option of backing out of the deal until he signs the escrow contract papers, so there is not really a problem, here - providing you get the inspection. Remember that you will be making an offer which he must accept for there to be a valid contract. His offer to sell is really just an invitation for bids(offers to buy). When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. I have to tell you this never, never occured to me. I am hoping that the report will save me from buying a "Money Pit." I realize the home I am trying to buy is not new and there will be MINOR problems. I don't have a friend who is a realestate agent to ask these questions. Not even a friend of a friend of a friend who saw a show....... But, while I know some wear and tear is quite reasonable, what is not. The easy answer would be "What can you afford." But that is not a good answer. It the report comes back with a problem of say Water Damage and $2000 to repair, should I eat the cost What about $5000 for the Damage or $10 K. ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. If I sound Ignorent, its cuz I is. Please help me. All apollogies if this is not the right Forum to post this questions, but I lurked for a while and the people of this group seemed to be in the know. Stephen H. |
#13
![]() |
|||
|
|||
![]() "Stephen Huckaby" wrote in message news ![]() First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. He has the choice of cutting his rice or walking away. Sounds like he is ready to just say "no" to lower offers. Maybe. You just never know. I have to tell you this never, never occured to me. I am hoping that the report will save me from buying a "Money Pit." I realize the home I am trying to buy is not new and there will be MINOR problems. That is what a home insector should do. There are both good and bad inspectors. Some will miss things, others will do a superb job. But, while I know some wear and tear is quite reasonable, what is not. The easy answer would be "What can you afford." But that is not a good answer. It the report comes back with a problem of say Water Damage and $2000 to repair, should I eat the cost What about $5000 for the Damage or $10 K. Te answer lies with your deisre to own that particular house. Real estate is vauled at what people are willing to pay. If the base price of a house is $200,000 three people can look at it and walk away with three idfferent ideas. One will try to buy it lower because he things it is good practice. Another may be willing to pay the asking price but expects the house to be in good condition. The third may think the house is severely underprice, knows it the location he always dreamed of, and is willing to pay for $20,000 in repairs just to have it. The deciding factor is your willingness to pay the asked price, and the lender's willingness to finance it for you. They usually want an apraisal to be sure they won't have a loss if you run off to a South Sea island. You have to decide what your pain tolerance is on something like that. Is renovation something you enjoy doing, or a chore to be avoided. If you have serios concerns after seeing the report, just move on to another house. |
#14
![]() |
|||
|
|||
![]() ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. My advice is, ignore the price that the seller is offering it at marking it up by, wanting, or whatever, and decide what the house is worth to YOU. If there's something that you think needs to be fixed, don't ask the seller to fix it, figure out what you think it would cost YOU to fix it, and reduce your offer by that much. If the seller doesn't want to sell the house for what you're willing to pay, walk. There are other houses, and if it takes another year to find one you like, you can use the intervening time to build up your downpayment. |
#15
![]() |
|||
|
|||
![]() "Joshua Putnam" wrote in message ... In article , says... "Joshua Putnam" wrote in message ... (This assumes that your offer includes a contingency for inspection -- if the house doesn't pass and you can't reach an agreement with the seller, the deal is off, you get back your earnest money, the house goes back on the market.) but you dont get the inspection fee back. educating yourself via the library can get you quite a ways without having to pay someone. True, but in the context of an ongoing real estate transaction, starting from scratch as a do-it-yourself inspector may be either too slow, or too superficial. im certainly not saying its a substitute for a proper professional inspection, but you should be able to spot obvious problems yourself, and the books will give you a 'punch list' of things you wouldnt have thought of checking. stuff like making sure there is flashing around a chimney, problems with the ground sloping towards the house, etc... if thats too much for someone, i have to wonder how they held a job and earned enough money to buy a house in the first place... randy |
#16
![]() |
|||
|
|||
![]() "Goedjn" wrote in message ... ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. My advice is, ignore the price that the seller is offering it at marking it up by, wanting, or whatever, and decide what the house is worth to YOU. this is rule 1 in the home buying game. the sellers listing price is almost meaningless. randy |
#17
![]() |
|||
|
|||
![]()
Your mortgage broker probably can recommend an inspector
personally, i wouldnt get a recommendation for an inspector from ANYONE involved in the transaction with me that stands to make money when i buy a house. the broker, the agents, they all have their own adjenda. if you must, check their references thouroughly. randy |
#18
![]() |
|||
|
|||
![]()
Do not hire a home inspector. Hire a plumber, an HVAC guy, a roofer, an
electrician, and a pest specialist. You can walk aroung and look at paint and everything else. HAve these pros give you a buyers inspection. These people have been doing this for a while and know what to really look for. -- Bob Pietrangelo www.comfort-solution.biz On Time or Your Service Call is FREE Preventive Maintenance Specialist "Stephen Huckaby" wrote in message news ![]() First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. I have to tell you this never, never occured to me. I am hoping that the report will save me from buying a "Money Pit." I realize the home I am trying to buy is not new and there will be MINOR problems. I don't have a friend who is a realestate agent to ask these questions. Not even a friend of a friend of a friend who saw a show....... But, while I know some wear and tear is quite reasonable, what is not. The easy answer would be "What can you afford." But that is not a good answer. It the report comes back with a problem of say Water Damage and $2000 to repair, should I eat the cost What about $5000 for the Damage or $10 K. ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. If I sound Ignorent, its cuz I is. Please help me. All apollogies if this is not the right Forum to post this questions, but I lurked for a while and the people of this group seemed to be in the know. Stephen H. |
#19
![]() |
|||
|
|||
![]()
A book is a poor substitute for a professional home inspector. To
expect a typical home buyer, who won't even know what flashing is, to climb up on a roof, inspect it and determine if it's done correctly is crazy. Home inspectors see thousands of homes and all the common problems so they know what to look for. I know someone is going to say inspectors don't know squat, and I would agree there are some that are not worth their fee, but this is like choosing any contractor. If you do it right, you'll get a good one. And even if you don't, for someone who isn't knowledgeable about home construction or maybe hasn't even owned a home before, any inspection is better than none. Another key point: An inspection report done by a home inspector is going to carry a lot more weight in negotiating with the seller than a non-professional opinion of the buyer. And in most cases, the inspection more than pays for itself. It's rare for an inspector to not find at least a few hundred dollars in repairs that the seller will then negotiate off the purchase price. When I bought my home, I got $1K+ in concessions from the seller after the inspection and the house was only 8 years old. For the OP, I'd make sure the purchase contract has an inspection contingency. Then, get an inspection done. If it shows no major issues and the house is fairly priced, then you can go ahead and buy it. If it needs some bigger cost repairs, then either walk or get estimates to repair and ask the seller to lower the price. And I'd make sure I had a lawyer review the contract before signing, as for most buyers, that is money well spent too. |
#20
![]() |
|||
|
|||
![]()
"Do not hire a home inspector. Hire a plumber, an HVAC guy, a roofer,
an electrician, and a pest specialist. You can walk aroung and look at paint and everything else." That's an interesting idea. Besides costing many times what a home inspector would cost, who's going to give opinions on issues like the foundation, possible non-existant or too short railings on decks/stairs that are required by code, attic insulation/ventilation, moisture problems, mis-routed bathroom vents, driveway pavement, drainage, the list goes on. And even the ones here that can be seen are not going to be obvious to a newbie homebuyer like the OP. |
#21
![]() |
|||
|
|||
![]() wrote in message oups.com... "Do not hire a home inspector. Hire a plumber, an HVAC guy, a roofer, an electrician, and a pest specialist. You can walk aroung and look at paint and everything else." That's an interesting idea. Besides costing many times what a home inspector would cost, who's going to give opinions on issues like the foundation, possible non-existant or too short railings on decks/stairs that are required by code, attic insulation/ventilation, moisture problems, mis-routed bathroom vents, driveway pavement, drainage, the list goes on. And even the ones here that can be seen are not going to be obvious to a newbie homebuyer like the OP. If the inspector finds a plumbing problem, then it would be prudent to have a plumber check it out. I'd agree that way. |
#22
![]() |
|||
|
|||
![]()
On Mon, 07 Feb 2005 22:03:35 -0500, Stephen Huckaby
scribbled this interesting note: First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. You've had some good advise, as well as another kind of advise... There is no substitute for first hand knowledge and experience. Home inspectors are usually quite good at reading the "moron meters" that you poke into all the outlets to test for polarity, and if they got a good meter it will even properly test those fancy outlets found in wet areas of your home. Assuming the inspector knows how to understand and interpret the results the "moron meter" gives him or her... Inspectors. I'm sure there are some good ones out there simply because the law of averages demands that not all of them are incompetent. Some of them have to be worth their fee. Unfortunately, if that inspector was really any good at plumbing, hvac, electrical, roofing, structural engineering, framing, drywall, etc., etc., etc., then wouldn't that individual be better off making more money in that particular trade than in performing inspections? In our neck of the woods all you have to do to be a home inspector is pass a state mandated test and show some minimum number of hours of coursework. You don't have to have any first-hand knowledge or experience about what goes into building and/or maintaining a home. That being said, if you can find a good inspector, one who works well for his fee, one who knows what to look for and what constitutes real concerns, then you would do quite well to hire him to look over your potential purchase and give you his considered, expert opinion. If, on the other hand all you can find are home inspecting hacks, then forget the home inspector and see if you can get real professionals out to look things over-something you ought to do if a good home inspection report uncovers any major problems just so you can, at the same time, get estimates for how much those problems would cost to fix. This increases your negotiating position. Under no circumstances should you have the current owner perform any of the repairs. The current owner has an incentive to cut costs at that point, which runs counter to your interests. Negotiate a lower price and pay for the repairs yourself or have the seller place the repair funds in escrow, to be paid out to the contractor(s) when the repairs are performed and payment is due. Home inspectors. A few are good. A very few. Considering that even a good home inspection can't look at the framing, can't look at all the wiring, can't check out all the plumbing, etc. simply because all those systems are covered up except at their access points (meters, electrical boxes, switches and plugs, toilets, sinks, tubs, etc.) and they don't have the specialized knowledge of the professionals in those fields...well, lets just say the report is an opinion of a moderately educated individual, which you can and should become yourself if you want to make wise purchasing decisions. -- John Willis (Remove the Primes before e-mailing me) |
#23
![]() |
|||
|
|||
![]()
On Tue, 08 Feb 2005 16:02:42 -0600, John Willis
wrote: On Mon, 07 Feb 2005 22:03:35 -0500, Stephen Huckaby scribbled this interesting note: First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. You've had some good advise, as well as another kind of advise... There is no substitute for first hand knowledge and experience. Home inspectors are usually quite good at reading the "moron meters" that you poke into all the outlets to test for polarity, and if they got a good meter it will even properly test those fancy outlets found in wet areas of your home. Assuming the inspector knows how to understand and interpret the results the "moron meter" gives him or her... Inspectors. I'm sure there are some good ones out there simply because the law of averages demands that not all of them are incompetent. Some of them have to be worth their fee. Unfortunately, if that inspector was really any good at plumbing, hvac, electrical, roofing, structural engineering, framing, drywall, etc., etc., etc., then wouldn't that individual be better off making more money in that particular trade than in performing inspections? In our neck of the woods all you have to do to be a home inspector is pass a state mandated test and show some minimum number of hours of coursework. You don't have to have any first-hand knowledge or experience about what goes into building and/or maintaining a home. That being said, if you can find a good inspector, one who works well for his fee, one who knows what to look for and what constitutes real concerns, then you would do quite well to hire him to look over your potential purchase and give you his considered, expert opinion. If, on the other hand all you can find are home inspecting hacks, then forget the home inspector and see if you can get real professionals out to look things over-something you ought to do if a good home inspection report uncovers any major problems just so you can, at the same time, get estimates for how much those problems would cost to fix. This increases your negotiating position. Under no circumstances should you have the current owner perform any of the repairs. The current owner has an incentive to cut costs at that point, which runs counter to your interests. Negotiate a lower price and pay for the repairs yourself or have the seller place the repair funds in escrow, to be paid out to the contractor(s) when the repairs are performed and payment is due. Home inspectors. A few are good. A very few. Considering that even a good home inspection can't look at the framing, can't look at all the wiring, can't check out all the plumbing, etc. simply because all those systems are covered up except at their access points (meters, electrical boxes, switches and plugs, toilets, sinks, tubs, etc.) and they don't have the specialized knowledge of the professionals in those fields...well, lets just say the report is an opinion of a moderately educated individual, which you can and should become yourself if you want to make wise purchasing decisions. I've been following this thread with some interest- I do home inspections, as well as other kinds- There are two of us in our office who do them, we are both ASHI certified, as well as being ICC certified as Housing and Property Maintenance, Residential Building, Residential Electrical, Residential Plumbing and Residential MechanicaInspectors- I am also certified by the ICC as a Certified Building Official, a Certified Building Code Official, A Certified Plans Examiner, a Certified Housing Code Official and a Commercial Building Inspector- You can get a good home inspector if you look around and check qualifications! I never get involved in price negotiations, my job is to make sure the buyer knows everything they should know about the investment they are considering making- Their final decision is completely up to them, I just try to make sure it's an informed decision! Dan |
#24
![]() |
|||
|
|||
![]()
On Wed, 09 Feb 2005 01:14:15 GMT, Dan scribbled
this interesting note: I've been following this thread with some interest- I do home inspections, as well as other kinds- There are two of us in our office who do them, we are both ASHI certified, as well as being ICC certified as Housing and Property Maintenance, Residential Building, Residential Electrical, Residential Plumbing and Residential MechanicaInspectors- I am also certified by the ICC as a Certified Building Official, a Certified Building Code Official, A Certified Plans Examiner, a Certified Housing Code Official and a Commercial Building Inspector- You can get a good home inspector if you look around and check qualifications! I never get involved in price negotiations, my job is to make sure the buyer knows everything they should know about the investment they are considering making- Their final decision is completely up to them, I just try to make sure it's an informed decision! Dan As I suspected, there are some out there who are qualified. -- John Willis (Remove the Primes before e-mailing me) |
#25
![]() |
|||
|
|||
![]()
Stephen Huckaby wrote on 07 Feb
2005: I am hoping that the report will save me from buying a "Money Pit." I think you've figured out by now that you should have an inspector, and there should be an inspection contingency in your contract that will allow you to walk away with your deposit refunded if you aren't satisfied with the report. At your option, that can include the seller having to fix everything, both major and minor. So what you're really asking is how to negotiate with the seller once you've seen the inspection report. The most critical thing is to know what the house is worth. You should have looked at all the sales of comparable houses in the neighborhood in the last nine months. If you're getting a good deal, you can eat a lot of repair costs. If you're paying at or above the market, the seller should have to eat the repair costs. Or better, give you a repair allowance or lower the selling price. If you have a choice, you always want to do the fixes yourself or have your contractor do them. If the seller does them, he or she will spend the absolute minimum necessary. Faucet broken? What's the cheapest one at the local home center? If the seller is irrational or has expectations that are way too high, he or she won't negotiate. At that point, it's up to you to decide how badly you want that house. I'm uncomfortable about you buying your first house without professional advice. Perhaps you can find a buyer's agent who will work for you for a set fee since you already have the house picked out. If you're paying $5000 too much for the house, a $500 or $1000 fee won't seem like much. If you lose your deposit, you may lose a whole lot more than you'd spend for a professional. -- Doug Boulter To reply by e-mail, remove the obvious word from the e-mail address |
#26
![]() |
|||
|
|||
![]()
In article 2, Doug Boulter
says... I'm uncomfortable about you buying your first house without professional advice. Perhaps you can find a buyer's agent who will work for you for a set fee since you already have the house picked out. If you're paying $5000 too much for the house, a $500 or $1000 fee won't seem like much. If you lose your deposit, you may lose a whole lot more than you'd spend for a professional. On the other hand.... ....I know someone who never took that plunge. Partly from fear that they'd not do this house-buying thing exactly right, and might have a septic problem for example (maybe 10K), or gosh forbid, pay too much (that 5K you're talking about). And has lost out over the past five years of the on-average 50-80% increase in home sales prices over that time (well over 100K). I took the plunge eleven years ago, new to town, in a very down market (largest company in area had just laid off tens of thousands), and bought a house in a great location, knowing about a possible septic problem (only needed new tank), some possible water problems (3K for BDry). (All clay soil around here, damn near every house I looked at had something..) I've seen a 150% to possibly 200% increase in the value of the house and property. (Yes, that's twice to three times as much.) How this applies to the OP's situation depends on the particulars of course. Banty |
#27
![]() |
|||
|
|||
![]() Excellent point. My only concern is termites and maybe mold. So I'd get a termite inspection from a termite company with termite insurance. Not sure who I trust to do a mold inspection though. If those come back clean then I'd buy the house and live with the other defects. On 9 Feb 2005 04:45:35 -0800, Banty wrote: In article 2, Doug Boulter says... I'm uncomfortable about you buying your first house without professional advice. Perhaps you can find a buyer's agent who will work for you for a set fee since you already have the house picked out. If you're paying $5000 too much for the house, a $500 or $1000 fee won't seem like much. If you lose your deposit, you may lose a whole lot more than you'd spend for a professional. On the other hand.... ...I know someone who never took that plunge. Partly from fear that they'd not do this house-buying thing exactly right, and might have a septic problem for example (maybe 10K), or gosh forbid, pay too much (that 5K you're talking about). And has lost out over the past five years of the on-average 50-80% increase in home sales prices over that time (well over 100K). I took the plunge eleven years ago, new to town, in a very down market (largest company in area had just laid off tens of thousands), and bought a house in a great location, knowing about a possible septic problem (only needed new tank), some possible water problems (3K for BDry). (All clay soil around here, damn near every house I looked at had something..) I've seen a 150% to possibly 200% increase in the value of the house and property. (Yes, that's twice to three times as much.) How this applies to the OP's situation depends on the particulars of course. Banty |
#28
![]() |
|||
|
|||
![]() |
#29
![]() |
|||
|
|||
![]() "Edwin Pawlowski" wrote in message news:[email protected]... (snip) Te answer lies with your deisre to own that particular house. Real estate is vauled at what people are willing to pay. If the base price of a house is $200,000 three people can look at it and walk away with three idfferent ideas. One will try to buy it lower because he things it is good practice. Another may be willing to pay the asking price but expects the house to be in good condition. The third may think the house is severely underprice, knows it the location he always dreamed of, and is willing to pay for $20,000 in repairs just to have it. The deciding factor is your willingness to pay the asked price, and the lender's willingness to finance it for you. They usually want an apraisal to be sure they won't have a loss if you run off to a South Sea island. You have to decide what your pain tolerance is on something like that. Is renovation something you enjoy doing, or a chore to be avoided. If you have serios concerns after seeing the report, just move on to another house. Excellent advice to which I would add the following: 1. Sometimes all those zeroes in the price can take your attention away from the reality of the transaction, so pretend you're dickering on a used car. How would you respond to a vendor who said the price was firm and a mechanics report wouldn't change it? How much would you drop your offer for a toasted engine, bad transmission, bald tires etc. Is it a "must have" '57 Belair or a '98 Corolla? 2. It might be worthwhile to get a realtor to help in your first home purchase. This is what they do and a good one can be invaluable. I think they're overpaid but I've used them for several transactions and I don't regret it. A good realtor knows the answers to all those niggling questions, should know a good home inspector and can tell you what similar homes have been selling for in the area. It might be worth the peace of mind, and 2 or 3%, or whatever the going rate is in your area, to have a professional smooth your first purchase. Brian, in Cedar |
#30
![]() |
|||
|
|||
![]() "Goedjn" wrote in message ... On 8 Feb 2005 12:39:50 -0800, wrote: A book is a poor substitute for a professional home inspector. To expect a typical home buyer, who won't even know what flashing is, to Most home inspectors are a poor substitute for a professional home inspector. And if you don't know enough to evaluate the house, the chances are pretty good that you don't know enough to evaluate the inspector, either. well said. randy |
#31
![]() |
|||
|
|||
![]() "Goedjn" wrote in message Most home inspectors are a poor substitute for a professional home inspector. And if you don't know enough to evaluate the house, the chances are pretty good that you don't know enough to evaluate the inspector, either. I'm looking forward to reading your tips on how to do that. Will you be posting them today? |
#32
![]() |
|||
|
|||
![]()
On Wed, 09 Feb 2005 20:27:24 GMT, "Edwin Pawlowski"
wrote: "Goedjn" wrote in message Most home inspectors are a poor substitute for a professional home inspector. And if you don't know enough to evaluate the house, the chances are pretty good that you don't know enough to evaluate the inspector, either. I'm looking forward to reading your tips on how to do that. Will you be posting them today? As a consuer, the best you can probably do is ask for American Society of Home Inspectors certification- Their requirements are relatively stringent and continuing education is required- There are some other organizations out there, but the requirements are considerably less- Dan |
#33
![]() |
|||
|
|||
![]()
Stephen Huckaby wrote:
First I'd like to say I'm a {farily} upright, honest sort of guy. I'm buying my first home from someone, the seller/home owner. When I went to the morgage broker he suggested having a home inspection before making the contract final - and I would be the one to pay for the inspection. No problem. When I told the Seller, he said he had no objections to the inspection, but he was told by a "friend" who buys and sales homes, that people often take the Inspection report to the bargining table and use it as a deal breaker, ie, EITHER FIX ALL THE PROBLEMS IN THE REPORT or DROP THE PRICE OR WE WALK. And the seller said when he quoted me a price, he gave me the firm bottom price. He had it marked up to 'account' for any negotiation. I have to tell you this never, never occured to me. I am hoping that the report will save me from buying a "Money Pit." I realize the home I am trying to buy is not new and there will be MINOR problems. I don't have a friend who is a realestate agent to ask these questions. Not even a friend of a friend of a friend who saw a show....... But, while I know some wear and tear is quite reasonable, what is not. The easy answer would be "What can you afford." But that is not a good answer. It the report comes back with a problem of say Water Damage and $2000 to repair, should I eat the cost What about $5000 for the Damage or $10 K. ANY ANY ANY ANY advice whatso ever you can give me re buying my first home would be greatly appreciated. If I sound Ignorent, its cuz I is. Please help me. All apollogies if this is not the right Forum to post this questions, but I lurked for a while and the people of this group seemed to be in the know. Stephen H. Hi, Get a reputable realtor and also have inspection done. You don't have to deal directly to the seller, realtor's job that is to negotiate on your behalf. Remember there are crooks everywhere. Seller, realtor, even inspectors. House buying is chain of negotiations and conditions. Remember, most important on house buying is the location, location, location of the house. Good luck, Tony |
#34
![]() |
|||
|
|||
![]()
Typically bid contracts include a clause that says if an inspection
discovers repairs that exceed some amount (say $2,000), then you are no longer obligated. In other words, if the buyer is willing to fix those problems that add up to less than $2,000, you still have to buy the house. If the buyer is not willing to fix those problems, or the problems add up to more than $2,000 even if the buyer is willing, then you can legally walk. |
Reply |
Thread Tools | Search this Thread |
Display Modes | |
|
|