Comments on: The Importance of Real Estate Inspections: Be A Detective when Buying Property http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/ Learn, Network, Invest Sat, 11 Feb 2012 20:37:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mike Farmerhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55627 Mike Farmer Sat, 29 Mar 2008 01:31:25 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55627 Yes, Moneyman, sometimes the spoils go the brave. Yes, Moneyman, sometimes the spoils go the brave.

]]> By: MoneyManhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55624 MoneyMan Sat, 29 Mar 2008 00:11:58 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55624 I have bought property like you are describing and have profited just because others had cold feet. If you walk thats ok ... there is always someone braver out there!! I have bought property like you are describing and have profited just because others had cold feet. If you walk thats ok … there is always someone braver out there!!

]]> By: Brandonhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55310 Brandon Sun, 16 Mar 2008 07:01:49 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55310 I find that if you are quick with your responses and give extra knowledge not always publically available it makes for an easier more comfortable sale. I find that if you are quick with your responses and give extra knowledge not always publically available it makes for an easier more comfortable sale.

]]> By: Mike Farmerhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55187 Mike Farmer Wed, 12 Mar 2008 01:27:41 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55187 Gregory,Disagreement is fine.Mike Gregory,

Disagreement is fine.

Mike

]]> By: Will Barnardhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55186 Will Barnard Wed, 12 Mar 2008 00:03:38 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55186 True that inspections and surveys are a necesary part of the due diligence in a property purchase. I also disagree with the comment of the negotiating tactics of offering low ball offers. If you are not negotiating, you are losing! There are times for low ball offers and times for full ask offers. Each individual property requires different tactics. True that inspections and surveys are a necesary part of the due diligence in a property purchase. I also disagree with the comment of the negotiating tactics of offering low ball offers. If you are not negotiating, you are losing! There are times for low ball offers and times for full ask offers. Each individual property requires different tactics.

]]> By: Gregory Bainhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55185 Gregory Bain Wed, 12 Mar 2008 00:02:56 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55185 Mike, we are going to disagree on this issue. Unless the Property Disclosure was unavailable or lied on about something. Then a deal is a deal. The price was already negotiated. Mind you, a structural flaw discovered during inspection is good reason to re- negotiate the price. Same is true if a property owner lies and claims he is unaware of any flooding problems while the inspector uncovers proof of water damage not noticed by the average Joe. Once a buyer enters an agreement and the seller accepts the terms the property is dead in the water. The advertising stops and the attempts to secure other buyers for back-up is almost impossible. Residential sales may take the property off the market for 4 weeks and a Commerical deal may be off the market in negotiations for 4 months during this "discovery" clause. You know the tactic I'm talking about and how it is used against the property owner. I like that word, nefarious. Thanks Mike, we are going to disagree on this issue. Unless the Property Disclosure was unavailable or lied on about something. Then a deal is a deal. The price was already negotiated.
Mind you, a structural flaw discovered during inspection is good reason to re- negotiate the price. Same is true if a property owner lies and claims he is unaware of any flooding problems while the inspector uncovers proof of water damage not noticed by the average Joe.
Once a buyer enters an agreement and the seller accepts the terms the property is dead in the water. The advertising stops and the attempts to secure other buyers for back-up is almost impossible. Residential sales may take the property off the market for 4 weeks and a Commerical deal may be off the market in negotiations for 4 months during this “discovery” clause.
You know the tactic I’m talking about and how it is used against the property owner. I like that word, nefarious.
Thanks

]]> By: Mike Farmerhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55183 Mike Farmer Tue, 11 Mar 2008 21:52:48 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55183 Gregory, I'm talking about a commercial deal with a due diligence clause, and soft negotiation if problems are found -- it's called soft negotiation because you're sort of speaking softly saying I'd like to go forward and get past this due diligence, but here are a few problems that concern me, can we work it out by X Y or Z.It's smart neogotiation, nothing nefarious. Gregory, I’m talking about a commercial deal with a due diligence clause, and soft negotiation if problems are found — it’s called soft negotiation because you’re sort of speaking softly saying I’d like to go forward and get past this due diligence, but here are a few problems that concern me, can we work it out by X Y or Z.

It’s smart neogotiation, nothing nefarious.

]]> By: Gregory Bainhttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55179 Gregory Bain Tue, 11 Mar 2008 18:36:57 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55179 Mike, I'm all for inspections and disclosures as part of the buying process. However, you don't walk a property and make an offer that is considered by some to be a "low ball" based on that initial inspection only to beat the owner up with an "inspection report". Agents who encourage that type of behavior should have their commision adjusted the same way they expect the home owner to adjust the price. I, for one, am tried of these so called "buyers agents" who don't even have a contract with the vultures they (mis) represent. For the most part, a Forty Year old house is priced and marketed at the price of a Forty Year old house. Anyone with eyes can see it is going to require more than paint and carpet to make it look like a new house. Nice post. Mike, I’m all for inspections and disclosures as part of the buying process. However, you don’t walk a property and make an offer that is considered by some to be a “low ball” based on that initial inspection only to beat the owner up with an “inspection report”.
Agents who encourage that type of behavior should have their commision adjusted the same way they expect the home owner to adjust the price. I, for one, am tried of these so called “buyers agents” who don’t even have a contract with the vultures they (mis) represent.
For the most part, a Forty Year old house is priced and marketed at the price of a Forty Year old house. Anyone with eyes can see it is going to require more than paint and carpet to make it look like a new house.
Nice post.

]]> By: The Importance of Real Estate Inspections: Be A Detective when Buying Property | The Long List of Odysseus Medal Nominees | Realtors and real estate, mortgages, lending, investmentshttp://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55177 The Importance of Real Estate Inspections: Be A Detective when Buying Property | The Long List of Odysseus Medal Nominees | Realtors and real estate, mortgages, lending, investments Tue, 11 Mar 2008 16:07:48 +0000 http://www.biggerpockets.com/renewsblog/2008/03/11/the-importance-of-inspections-be-a-detective/#comment-55177 [...] The Importance of Real Estate Inspections: Be A Detective when Buying Property, by Mike Farmer. [...] [...] The Importance of Real Estate Inspections: Be A Detective when Buying Property, by Mike Farmer. [...]

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