I found this website while searching online for some guidance on how to approach buying a SFR in Berkeley (to live in, not as an investment). The area I am looking in has bungalows built in the 1920s, which has led me to focus on the condition of the foundation as the biggest type of expense. It seems like the trend is to make offers waiving the inspection contingency or having a short inspection contingency period, which makes it almost impossible to get a good idea on what repairs are needed and how much it will cost before I'm committed to the deal. I'm looking for any advice on how to balance making a competitive offer vs. avoiding mistakes caused by not doing enough due diligence.
It’s hard to make a offer competitive with inspection contingencies in Berkeley. Foundations are not that expensive to replace in the bigger scheme of things.If you really want to house, do you homework ahead of time, make an offer and they can live with, and go for it. By the way, I am an investor and resident in Berkeley. Good luck with your search, it’s a Good place to live despite his flaws.
Know what to look for and do your due diligence before putting in offer. Have a foundation inspector ready and keep your inspection contingency a short as possible. Good luck.
Xin and Rob,
Thanks for your replies.
@Justin Pan How did it work out? Did you buy in Berkeley?
Yes I did. I ended up making an offer with a 14 day contingency on a house that was accepted. I used the time to get some bids on some repairs, which I used to negotiate for a price reduction. Hope that helps.