Should I go look at a property myself or w/ inspector?
Villa Park, IL · Member since 2014 · 3 posts · 0 votes
Wecome Manny. If you're don't have a good eye for determining the condition of property, I recommend an inspection. If you miss something, it could be costly. Go take a look and make sure you're still interested after seeing in person. If you want to make an offer, submit one contingent on a satisfactory home inspection. Then schedule with an inspector. Hope this helps.
Wecome Manny. If you're don't have a good eye for determining the condition of property, I recommend an inspection. If you miss something, it could be costly. Go take a look and make sure you're still interested after seeing in person. If you want to make an offer, submit one contingent on a satisfactory home inspection. Then schedule with an inspector. Hope this helps.
@Manny Miranda what type of deal? Turnkey rental, distressed property for rehab/flip, etc?
Also, is this a mls deal or off market? and what price by chance (dont need this if you dont want to share)?
Without this info, would all be an opinion by anyone on the forum, but I would say (IMO) if you dont know what you looking for you should not be going on showings/making offers. you will buy something you are not ready for and/or waste the brokers time.
make a plan first. that plan should dictate what to look for.
Good Luck!
Hi,
First thing I'm glad I joined BP the post, books, and podcast are great! There is so much to learn on here but I plan on sticking around here and learning so I can tell my first success story!
However, I just scheduled a showing for a potential deal today, and my question is should I go by myself and look at it or should I bring an inspector? I don't have much knowledge on exactly what to look at to make sure the property doesn't have any major issues
I would appreciate the help!
Inspector always. Even if them claim it is a Turnkey. Always have one.
To those unfamiliar with real estate, it can seem like inspections are just what’s expected. Watching enough reality TV can give you the impression that everyone completes all of their inspections because they are waiting for a huge problem to arise (right in time for commercial break, of course). In the real world, it’s up to the buyer to decide which inspections they would like completed – if any at all.
Generally speaking, inspections are a great idea. They give you an idea of a home’s problems before you buy it and most times will allow you to negotiate with the seller to cover the cost of some repairs. Essentially, they give you an idea of whether or not you’re equipped to handle this property or if you should move onto another that better suits your needs.
However, there are a few possible exceptions: mainly condos and other living situations where the bulk of home maintenance is covered by an association. Before you decide to go this forgo the inspection make sure you’re aware of your responsibility when it comes to fixing problems that arise when you own the property. You should also check with your bank to make sure they don’t require one as a condition of the mortgage.Most first-time home buyers don’t realize that they are responsible for the inspections. This means that, in order to get to the settlement table, they agree to hire the home inspector, have the inspections completed within a reasonable amount of time, and shoulder the cost.
Remember to leave yourself a sufficient time to pick an inspector and bring him out to view the property. Trust us, a home inspection is not something you want to rush through last minute. Do yourself a favor and leave a little wiggle room since you’ll likely be putting that timeframe in a binding legal document.
Financially, you need to budget for the cost of inspection services. While your initial reaction may be to balk at the price tag and wonder why the seller isn’t covering this cost, paying truly is for your benefit.
Think of it this way: The home inspector really works for you, not the seller. He or she is there to point out all the potential problems in the home. Even though it would be extremely dishonest, if the seller were to hire the inspector, there is a chance of the two working together to falsify the report. Since the seller has no impact on the inspector when you pay, you can rest easy knowing your report is sincere.A home inspector and a contractor are not the same thing. While a contractor may have know how to fix existing home maintenance problems, home inspectors are specifically trained on how to identify problems, even if they are slight enough to be easily missed by others.
Every country has its own home inspection standards that must be met. But, the unifying factor for a sale to be considered legitimate? The home inspection must be done by a certified professional. While qualified home inspectors may cost more than a contractor, you’ll know that you’ve received a complete report.
As for how to find a home inspector, your realtor is a great place to start. He or she probably has a few reliable contacts from past transactions. The internet, is always another option. Either way, be sure to ask the inspector if they are certified and keep up with any continuing education credentials.
As a rule of thumb, think of a home inspection like a well visit to the doctor. Your doctor takes looks at several of your body’s individual components – reflexes, blood pressure, and medical history – to make an overall all determination of your health. Home inspectors work in much the same way.
Since every property is different, the specifics of what is checked during your home’s inspection may very slightly.Qualified inspectors will check the following areas:
Whether you’re in the process of buying your first home or your tenth investment property, home inspections can seem overwhelming. After all, there are many aspects of the property to consider, lots of paperwork to read over, an extensive negotiations to consider. Not to mention the gnawing worry that there could be something truly wrong with your DREAM HOME. But don’t let yourself get too worked up just yet! We’ve compiled a inspection cheat sheet that every buyer should read. Let us help you go into your inspection armed with the knowledge needed to make informed decisions.
I sort of disagree with what has been said already.
If this is a pre-offer walk-thru, you don't need an inspector. The purpose of the walk-thru is simply to know if the property is something you want. If you expected that the roof is young, and it has huge holes it in, maybe you wont even make an offer. If you expected to walk into a move-in ready place and the kitchen is missing every appliance, maybe you wont make an offer.
You only need to bring in an inspector AFTER the offer. Just make sure your offer and offer price are contingent on an inspection by a professional.
To those unfamiliar with real estate, it can seem like inspections are just what’s expected. Watching enough reality TV can give you the impression that everyone completes all of their inspections because they are waiting for a huge problem to arise (right in time for commercial break, of course). In the real world, it’s up to the buyer to decide which inspections they would like completed – if any at all.
Generally speaking, inspections are a great idea. They give you an idea of a home’s problems before you buy it and most times will allow you to negotiate with the seller to cover the cost of some repairs. Essentially, they give you an idea of whether or not you’re equipped to handle this property or if you should move onto another that better suits your needs.
However, there are a few possible exceptions: mainly condos and other living situations where the bulk of home maintenance is covered by an association. Before you decide to go this forgo the inspection make sure you’re aware of your responsibility when it comes to fixing problems that arise when you own the property. You should also check with your bank to make sure they don’t require one as a condition of the mortgage.Most first-time home buyers don’t realize that they are responsible for the inspections. This means that, in order to get to the settlement table, they agree to hire the home inspector, have the inspections completed within a reasonable amount of time, and shoulder the cost.
Remember to leave yourself a sufficient time to pick an inspector and bring him out to view the property. Trust us, a home inspection is not something you want to rush through last minute. Do yourself a favor and leave a little wiggle room since you’ll likely be putting that timeframe in a binding legal document.
Financially, you need to budget for the cost of inspection services. While your initial reaction may be to balk at the price tag and wonder why the seller isn’t covering this cost, paying truly is for your benefit.
Think of it this way: The home inspector really works for you, not the seller. He or she is there to point out all the potential problems in the home. Even though it would be extremely dishonest, if the seller were to hire the inspector, there is a chance of the two working together to falsify the report. Since the seller has no impact on the inspector when you pay, you can rest easy knowing your report is sincere.A home inspector and a contractor are not the same thing. While a contractor may have know how to fix existing home maintenance problems, home inspectors are specifically trained on how to identify problems, even if they are slight enough to be easily missed by others.
Every country has its own home inspection standards that must be met. But, the unifying factor for a sale to be considered legitimate? The home inspection must be done by a certified professional. While qualified home inspectors may cost more than a contractor, you’ll know that you’ve received a complete report.
As for how to find a home inspector, your realtor is a great place to start. He or she probably has a few reliable contacts from past transactions. The internet, is always another option. Either way, be sure to ask the inspector if they are certified and keep up with any continuing education credentials.
As a rule of thumb, think of a home inspection like a well visit to the doctor. Your doctor takes looks at several of your body’s individual components – reflexes, blood pressure, and medical history – to make an overall all determination of your health. Home inspectors work in much the same way.
Since every property is different, the specifics of what is checked during your home’s inspection may very slightly.Qualified inspectors will check the following areas:
Whether you’re in the process of buying your first home or your tenth investment property, home inspections can seem overwhelming. After all, there are many aspects of the property to consider, lots of paperwork to read over, an extensive negotiations to consider. Not to mention the gnawing worry that there could be something truly wrong with your DREAM HOME. But don’t let yourself get too worked up just yet! We’ve compiled a inspection cheat sheet that every buyer should read. Let us help you go into your inspection armed with the knowledge needed to make informed decisions.
Very valuable information here Fred. Thank you for sharing!
I agree with @Samir Shahani
Until you get the property under contract, it's a waste of money to hire a home inspection. Say you make multiple offers, and paid the inspection $400-$500 each time, it adds up. Unless you're planning to using this to gain valuable experience from the inspector
A better way is to walk through the property with 1 or 2 general contractors first. If you've someone you trusted and worked with before - great! If not, here's an opportunity for the contractor to earn your trust and business. And for you to weed out the shady ones as well.
@Fred Winer has a lot of valid points. But I would definitely NOT use an inspector recommended by your own realtor. It's a conflict of interest. Your realtor wants you to close to get paid, hence the inspector (recommended by YOUR agent) may not be as thorough as he/she needs to be.
Find an experienced inspector who do not have a vested interest in whether your sale go through or not. And keep in mind, even though the inspector may be good, he/she cannot possibly point out every deficiency in the property.
So if you really want to thorough, find contractors that specializes in their field e.g. licensed plumber, electrician, roofer etc. Pay them to come out and give you an inspection report that they're good at. NOT a general contractor. Again, do this after you get the property under contract.
Good luck!