Inspection Prior to Purchase

[Account Closed]

Im doing my first long distance deal and Im having the agent walk the home along with a general contractor. The contractor will be giving a list of needed repairs or costs to remodel.

Question:

What is typical for costs for this inspection by the GC?

Is there anything to be mindful during this inspection period?

What language should be included in the offer that is contingent on results from the inspection?

[Alecia Loveless]

@Kegan B. I’d recommend doing both the walk through with the inspector and the contractor.

I am buying a property that I had my contractor walk through and he gave me some estimates to finish an unfinished unit but didn’t really find much wrong with the two buildings on the site.

I had the inspector out and he found some major issues. My contractor got a second contractor to come give an estimate on the repairs the inspector had found. This second contractor had run a very large construction company in Massachusetts for about 25 years and now works “retired” jobs for his past time. He quoted me $100,000 to fix the issues.

At that point I decided I could take or leave the property and lowered my offer by $100,000. The seller countered and I said no, I was firm at the new low price. The realtor advised the seller to take it. She did. I’m about to close on my new property.

Im in the process of lining up the workers to begin repairing the problems, but without both the inspector and the contractors I would have either gotten a dangerous building, or not gotten a deal on it.