Profile picture for hashmiz25

short sale

I recently went into contract on a short sale house. That house is perfect for us now the only suspicion that arises is that I haven't gotten the home inspection done. My broker states that its not necessary and he has purchased many homes with out getting the inspection done. The house looks very well maintained and no visible structural problems. This is my first time buying a house so I'm nervous about making bad investmemt
  • December 18 2013 - Selden
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Answers (4)

Profile picture for amandathomas
Hi Hashmiz25,

An inspection is highly advisable, but it is our recommendation that you engage in this activity AFTER the lender has approved your offer.

Until the lender approves the offer, you don't have a deal.
  • December 19 2013
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Profile picture for JoshBarnettREIB
Home Inspections are critical and since it is a buyer beware situation, a typical buyer would have a home inspection.  
  • December 19 2013
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I find it odd that your broker would not recommend a home inspection.  Does the broker represent you as a buyer broker or does he represent the seller?  Just because the home looks well maintained does not mean that there are not issues that you should know about.  Most likely in a "short sale" situation the seller will not address any issues but you should still know what if anything you are facing or just for peace of mind.  We specialize in buyer brokering and we always recommend that at buyer get a home inspection, even on new construction.  In fact, if our buyer refuses we have the sign a waiver, but that hardly ever happens.
  • December 19 2013
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I would always recommend getting a home inspection on a home you are buying as your personal residence. It's even more important when its your first home. Not just to ensure it is in fact a good investment. But, for your own peace of mind. Many buyers can use the investment in of an inspection as leverage to negotiate repairs and or concession that may exceed the cost of the home inspection. This may or may not be the case in a short sale if home is being sold "as-is" but a short sale doesn't necessarily mean potential repairs can be negotiated as an addendum to the contrac. The cost of a home inspection (~$250-$500 depending upon size of home and inspector/ type of inspections you get) is far worth the peace of mind and or benefits on what you may get out of the inspection than a potential costly issue in the future. The home may very well be in great shape and not have any issues and your agent may be trying to protect you from spending the $250-500... but I don't know of many professionals that would discourage the investment to know for sure the home you are buying is in satisfactory condition. Especially, for one of the largest purchases you can make... Was there an inspection contingency executed in your contract? If there was and if you are still with in the time frame to conduct inspections, it may be a good idea to take advantage of the inspection period.
  • December 18 2013
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