The size of the real estate brokerage office that handles your
purchase has no effect on the transaction. Also whether
or not the office has a famous franchised name
is
immaterial.
What is important is the ability and
success record of the individual agent with
whom you contract to represent you.

 


Inspections

Buyers have been paying for inspections now for twenty years. Most sellers are addressing some of the needed repairs. If you are going to spend over $500 on a report, you had better read the whole thing. You should also order it from an ASHI inspector. Some first time homeowners financing programs require the buyer buy a building inspection and require it be completed by an ASHI inspector.

Do you know about buyer protection plans, insurance policies for repairs? They protect the buyer against failure of the working components of a house. What's a working component? The furnace and the dishwasher are working components. If you are the type of person who buys a refrigerator with an extended warranty then a buyer protection plan might be for you. HUD has run promotions where they include one of these plans as an incentive to buy.

The roof is not a working component. If the form 17 reads the roof is a 40 year material and is three years old, do you need the roof inspected? Probably not. If the form 17 reads the furnace is six months old do you need it inspected or do you need a buyer protection plan? Probably not.

People who buy new homes order building inspections and the reports come back with lists of flaws, and the builders address these imperfections.

Handymen usually don't buy building inspections? In many bank-owned as-is sales, if a buyer learns of flaws from a building inspection his only remedy is to walk away from the purchase. A sophisitcated buyer may not buy an inspection for a basement house that has a newer roof and furnace and a staircase to an attic that you can stand up in. You can see everything. But some buyers use the building inspection contingency as a tool to renegotiate terms. Sometimes they are successful.