home inspections

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just had an offer on my house which is acceptable for what we were asking. the house is about 40 years old and we have always kept up with it - ie: if there was a problem we fixed it right away. the potential buyer did not request an inspection - whats up with this? other offers - which we refused had a clause in the offer - subject to inspection.
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snipped-for-privacy@nf.sympatico.ca wrote:

They're niave.
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Don't look a gift horse in the mouth.
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nope - considering they are paying what it was appraised for.
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snipped-for-privacy@nf.sympatico.ca wrote:

Then you're the one who might be making the mistake. Home sales nowadays usually go far above the appraised value. This buyer probably is banking on your low price to cover anything which might be discovered in an inspection.
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John Harlow wrote:

Citation, please?
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nope - appraisal is very consistent with the current market, the age and condition of the house and what similar homes were sold for in the general area.
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snipped-for-privacy@nf.sympatico.ca wrote:

Ok, I made a mistake - I was thinking ASSESED value. Nevermind.
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I didnt hire an inspector. I figure it's a crapshoot and mostly a waste of time and money. I looked at the house enough myself.
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Crapshoot?! P.T. Barnum had a saying about people like you. You're about to invest in a piece property valued at hundreds of thousands of dollars and your not willing to fork over a measly few hundred dollars to know just exactly what your buying? It's one thing if it's a seller's market and you have to make a very competitive bid or if you are very knowledgeable and can spot the big ticket items. But if you opt to not do a home inspection because of the cost, then you're probably not financially ready to own a house yet.
Greg M
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this interesting note:

It is just as much of a crapshoot to hire an inspector as all you are getting is what that inspector's expert advice can offer, and that is making a lot of assumptions about the actual state of expertise!:~)
-- John Willis (Remove the Primes before e-mailing me)
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Yes and no... there are certification programs, and some states have licensing requirements that hopefully ensure some minimal degree of competence. IMO you can improve your odds by looking for someone who has the letters PE (Professional Engineer) after his name in the phone book.
-- Regards, Doug Miller (alphageek at milmac dot com)
Nobody ever left footprints in the sands of time by sitting on his butt. And who wants to leave buttprints in the sands of time?
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wrote:

There is often NO relationship whatever between assessed value and actual value.
-- Regards, Doug Miller (alphageek at milmac dot com)
Nobody ever left footprints in the sands of time by sitting on his butt. And who wants to leave buttprints in the sands of time?
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snipped-for-privacy@nf.sympatico.ca wrote:

The buyer is a fool. Don't worry about it, as it works in your favor.

The other buyers were more savvy than this one. Just curious why you refused the other offers... hope it wasn't because of the inspection contingency clause...
-- Regards, Doug Miller (alphageek at milmac dot com)
Nobody ever left footprints in the sands of time by sitting on his butt. And who wants to leave buttprints in the sands of time?
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offers on the homes that were subject to inspection were too low.
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Even though no inspection is required by contract, some state laws require sellers to reveal significant problems or provide a certification that they are not doing so. You may want to check with a lawyer for requirements in your state.

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lawyer said it's fine - just general questions like - any urea(sp) blown in, buried furnace oil tanks etc.
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Maybe the buyer is knowledgeable enough to do it himself. I didn't get one on my last home purchase
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No inspection clause means no recourse, whether you do it or hire someone else to do it.
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John Harlow wrote:

I don't know of any home inspection contract that permits recourse for their errors. In fact, every one I've ever seen specifically protects them in the event of errors or omissions.
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