Buyer Home inspection & contingencies
I am in the San Francisco Bay Area and I have an offer letter accepted for a house. When I made the offer it was with no contingency and the seller provided a home inspection. The no contingency was suggested by the realtor since the market here is really competitive and heard that most of the ones with get contingency get passed.
I have not turned in the money to the escrow yet but I just realized that it doesn’t have time for me to do another inspection before closing and a bit worried in case the financing somehow falls through. I am wondering if sellers inspection is a reliable.
It seems like I have the risk of losing money if the financing falls through or if the house has some major issue that their inspection does not mention.
Looking for advise if people are in the same market. There is 4 more backup offers waiting on the house so also a bit hesitant to see if we could change some terms.
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- Realtor
- Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility
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@gary wong
Don't be mad............but I don't care if it was "New Construction" in Pacific Heights.....I have never done something without an inspection contingency. Yes the market is hot....I know someone who paid $2.2 Million for a place in an "A" neighborhood in The City with no inspection contingency......VERY hot market............and right about 11 months and $600,000 later they are finally just now moving in.
I'm surprised the offer in this hot market was accepted with a financing contingency.....you may want to think about that and marinate on it....why was your offer with a financing contingency accepted if it had no appraisal contingency....
Think about that my man.