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Updated over 6 years ago on . Most recent reply

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Michael Doherty
  • Real Estate Agent
  • West Hartford, Ct
472
Votes |
444
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Should I get home inspection on investment property?

Michael Doherty
  • Real Estate Agent
  • West Hartford, Ct
Posted

Hi all, 

I recently had my offer accepted on a duplex for 140k. Apparently, there were higher offers but the seller liked my terms better. With that said, because they are letting the property go for a lower price, they are not willing to fix anything that may arise during the inspection. After walking through the property (currently rented) there doesn't appear to be anything major to fix (at first glance).

My question is- because I will be on the hook to pay for any needed repairs, is it worth getting a home inspection? On one hand, it is peace of mind to know what may need fixing or what may need fixing in the future and at the end of the day it's only 400-500 dollars. On the other hand, because I am getting the property 'as is' essentially, it may be a waste of money. Thoughts? 

After going through the purchase of a different duplex last year, the inspector didn't realize the heating system was installed incorrectly and two bedrooms weren't getting heat at all. $1000 dollars later, this is something he should have noticed. Needless to say I am partial to inspectors. In addition, their obligation is to inspect only “readily accessible, visually observable” systems and components of the home. 

Thanks!

  • Michael Doherty

Most Popular Reply

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464
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Christopher Giannino
  • Real Estate Agent
  • Hamilton, NJ
311
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464
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Christopher Giannino
  • Real Estate Agent
  • Hamilton, NJ
Replied

@Michael Doherty

What's your background and experience level?  For what it's worth, my personal opinion is if you don't come from a construction background and you haven't done many deals it would be totally worth the $500 for the inspection (assuming you don't use the same inspector from last year) because something you didn't initially pick up on which could be a deal breaker to you may present itself in the home inspection report.  If this should happen, you can make a decision on whether to walk away from the deal or ask for some sort of assistance.

I know you said it's an as-is sale and you don't expect them to do anything to help (which is usually the case) but I'm currently working with a client of mine who's buying a bank owned foreclosure.  Bank is selling the property as-is and after the home inspection report came back we were able to negotiate $10k as a credit on top of an already extremely discounted property.  We realized the bank was very eager and motivated to sell so we figured we'd at the very least ask for money because the worst thing they could of said was no.  Who would of thought we'd be able to pull that one off.   Moral of the story, it's always worth a shot to ask...

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