Comments on: Thinking About Skipping the Home Inspection? Learn from the Real Estate Horror Stories! http://www.biggerpockets.com/renewsblog/2009/02/05/happened/ Learn, Network, Invest Sat, 11 Feb 2012 01:23:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Paul M.http://www.biggerpockets.com/renewsblog/2009/02/05/happened/#comment-96997 Paul M. Sat, 03 Sep 2011 00:57:55 +0000 http://www.biggerpockets.com/renewsblog/?p=3941#comment-96997 This sort of thing happens more often than it should. The cost of a home inspection is so small in relation to the value of the property being purchased. It is a shame that someone will forgo a $400 dollar inspection to save money. If your buying do yourself a favor - pay for a professional home inspection. This sort of thing happens more often than it should. The cost of a home inspection is so small in relation to the value of the property being purchased. It is a shame that someone will forgo a $400 dollar inspection to save money. If your buying do yourself a favor – pay for a professional home inspection.

]]> By: Clinton Rushinghttp://www.biggerpockets.com/renewsblog/2009/02/05/happened/#comment-85006 Clinton Rushing Sat, 31 Jul 2010 14:29:59 +0000 http://www.biggerpockets.com/renewsblog/?p=3941#comment-85006 Absolutely plan out your actions when buying bank owned property, the entity you are dealing with has virtually no working knowledge of the property they are selling. "as-is" usually means something is broken, or suspected to be. Home inspections in this type of transaction are crucial for the buyer. Absolutely plan out your actions when buying bank owned property, the entity you are dealing with has virtually no working knowledge of the property they are selling. “as-is” usually means something is broken, or suspected to be. Home inspections in this type of transaction are crucial for the buyer.

]]> By: j. boguski greater mansfield realtorhttp://www.biggerpockets.com/renewsblog/2009/02/05/happened/#comment-77655 j. boguski greater mansfield realtor Wed, 27 Jan 2010 15:25:46 +0000 http://www.biggerpockets.com/renewsblog/?p=3941#comment-77655 Wow that is horrifying!! I would have to agree with everyone...it's quite foolish to not investigate what you're investing in. I also agree that home inspections should be mandatory...it would weed out all the scandals and fraud realtors... Wow that is horrifying!! I would have to agree with everyone…it’s quite foolish to not investigate what you’re investing in. I also agree that home inspections should be mandatory…it would weed out all the scandals and fraud realtors…

]]> By: Minneapolis Home Inspectionhttp://www.biggerpockets.com/renewsblog/2009/02/05/happened/#comment-64533 Minneapolis Home Inspection Mon, 16 Mar 2009 21:25:11 +0000 http://www.biggerpockets.com/renewsblog/?p=3941#comment-64533 Yikes, that is quite the horror story. I'm gonna have to agree with Jim, home inspections should be a given for any new potential home buyer. It's just ludicrous not to. Yikes, that is quite the horror story. I’m gonna have to agree with Jim, home inspections should be a given for any new potential home buyer. It’s just ludicrous not to.

]]> By: Jim Jacksonhttp://www.biggerpockets.com/renewsblog/2009/02/05/happened/#comment-63908 Jim Jackson Tue, 17 Feb 2009 02:10:30 +0000 http://www.biggerpockets.com/renewsblog/?p=3941#comment-63908 Seems like a no brainer to me to at least look at what you are investing in. Seems like a no brainer to me to at least look at what you are investing in.

]]> By: Mike Piantedosihttp://www.biggerpockets.com/renewsblog/2009/02/05/happened/#comment-63827 Mike Piantedosi Sat, 14 Feb 2009 02:37:18 +0000 http://www.biggerpockets.com/renewsblog/?p=3941#comment-63827 The key word in the story was process or in my world - systems. Buying real estate is a business and everything should be predictable before you invest your or other people's money. After 35 years in the contracting business and doing countless reno's, when I plan to buy we go systematically through the property and the deal. I said we. I like to run things quickly by my estimator or project manager to get another set of eyes to look at the deal. I know there will be surprises, but keep them small, affordable and within your contingency amount you should put in each deal.<abbr><em>Mike Piantedosi’s last blog post: <a href="http://buyrenovatedforeclosures.com/2009/01/30/buying-foreclosures-factor-in-some-equity-for-your-trouble/" rel="nofollow">Buying Foreclosures - Factor in Some Equity For Your Trouble</a></em></abbr> The key word in the story was process or in my world – systems. Buying real estate is a business and everything should be predictable before you invest your or other people’s money. After 35 years in the contracting business and doing countless reno’s, when I plan to buy we go systematically through the property and the deal. I said we. I like to run things quickly by my estimator or project manager to get another set of eyes to look at the deal. I know there will be surprises, but keep them small, affordable and within your contingency amount you should put in each deal.

Mike Piantedosi’s last blog post: Buying Foreclosures – Factor in Some Equity For Your Trouble

]]> By: ryanhttp://www.biggerpockets.com/renewsblog/2009/02/05/happened/#comment-63649 ryan Thu, 05 Feb 2009 18:10:03 +0000 http://www.biggerpockets.com/renewsblog/?p=3941#comment-63649 i can attest to this. Bought a bank owned 18mos ago and did not get an inspection (foolishly). thought i did walk through. the realtor (who i find later is fraudulent) said not to bother since it was "as is" anyway.found out from the neighbor after closing that it had flooded and the carpet had to be removed by the bank b/c of mold.had to gut the house and rebuild again, at a time when that was way beyond our financial means.donated hundreds of hours and every penny i had to get it rebuilt. 18mos later i just got the first rent check for it.GET AN INSPECTION. i can attest to this. Bought a bank owned 18mos ago and did not get an inspection (foolishly). thought i did walk through. the realtor (who i find later is fraudulent) said not to bother since it was “as is” anyway.

found out from the neighbor after closing that it had flooded and the carpet had to be removed by the bank b/c of mold.

had to gut the house and rebuild again, at a time when that was way beyond our financial means.

donated hundreds of hours and every penny i had to get it rebuilt. 18mos later i just got the first rent check for it.

GET AN INSPECTION.

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