My wife and I are first time home buyers. In the Washington DC area market, homes are going for THOUSANDS more than asking price, and home inspections are rare as it's such a sellers market. Is there a good online (free) resource that can give me a good idea of what generally to look for that a home inspector would look at? Just hoping for basic-intermediate knowledge. Thanks.
I saw a book for sale at Home Depot that was a guide to home inspection. Might be worth picking one up.
RB
Eastman wrote:
So much of a good home inspection is based on experience, I really suggest you find a home inspector. Yea I know about the housing market there, but spending that kind of money it will pay for the inspector. If the seller does not want an inspection, RUN!
was the case in our area about 5 years ago. People were getting offers on their houses as they were pounding the "For Sale" signs in the front yard. Homes were going for thousands over asking price. If you wanted to actually get a house you had to act fast. Sellers had the luxury of refusing any contingency offers, and people were waiving inspections left and right. It was absolutely crazy, but great if you were selling, which at the time we were. First day our house is on the market, we had 6 offers, and all were thousands over asking price. I had the luxury of not accepting any conditions on the sale of the property. After you loose out on the first half dozen offers, you stop putting conditions on them, bid way over asking price, and cross your fingers. Our buyer did ask if she could have an inspector over, and I agreed, but this inspection was strictly for the buyers peace of mind. We had absolutely no obligation to address any issues the inspector may find, and she could not use the inspection as grounds to cancel the sale. If wasn't because we had anything to hide, it was because the market was so hot we could refuse any contingent offers, so we did. Dave
We've had the same types of markets on occasion where I live. I simply waited them out, adding to my available down payment in the meantime.
Unless it's some sort of historically significant home that I HAVE to have, I'm not getting in a bidding war for any piece of property.
Barry
There is a big rush this month because interest rates are heading up. But what is the point of getting a low rate if you over pay for a house that you may only live in for 5 years.
The home inspector for our recent purchase has a helpful site. Be sure to check out the photographs (it's amazing what some homeowners will do.)
-- "For it is only of the new one grows tired. Of the old one never tires."
-- Kierkegaard, _Repetition_
James Owens, Ottawa, Canada
Go to your public library and see what books they have on inspection.
If you cannot find any Books to consider buying:
Rex Cauldwell: Inspecting a House (by the pros for the pros series by Taunton)
Norman Becker: Home Inspection.
Robert Irwin: Home Inspection troubleshooter.
Michael Litchfield: Renovation a complete guide. This is a great book for an old house owner. It covers a lot of repairs. Seeing the catalog of stuff to repair will teach you what can go wrong in the first place. His small introductory chapter on sizing up your house will tell you where the failure points are.
There also may be an idiots guide, not sure if it exists.
What you really need to know as somebody else pointed out is mainly gained by experience: knowing where to look for trouble and being able to interpret the signs correctly. Hard to get this instantly, but the books will help some. Take as many experienced friends as you can.
Good luck
Roland
Sure, and as you wait for the market to quiet down, the down payment you save probably keeps pace, or looses ground, to the rapidly escalating property values. Case and point. Five years ago I sold my starter home for $135,000, five years later these houses still sell quickly, though not as quickly as they were 5 years ago, but now that same house would easily sell for $180K, perhaps even more. The price of housing has just gone thru the roof here in the past 5 years. My new house, which I paid $250K for 5 years ago would easily sell in the low $400's now. If I'd have waited it out, I'd be paying hundreds more per month, and have at leat another $100K higher mortgage.
Only the OP can judge the local market.
Waiting worked for me. The house I'm in was purchased in 1996. The Original buyer bought it in late 1990, new from the builder. He finished the upstairs, complete with ceiling fans, AC, and a spa tub, added a 450SF deck, paved the driveway and installed the lawn. I bought it for what he paid for it.
Food for thought.
Barry
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