I submitted an offer on a unit that was built in 2007 and lived in for around a year if not less. My offer was accepted and contract signed. The unit is part of a community that was still in the building phase when the builder went bankrupt. The unit was turned over to Fannie Mae and is sold AS-IS. It also qualfies for special financing with Fannie Mae Homepath program and includes a home protection plan. The plan will repair or replace major systems and appliances, including heating and A/C systems, kitchen appliances, plumbing systems, water heaters, electrical systems, and garage door openers. It provides an additional $3,000 in extended coverage for other specified repairs and replacements of certain home systems and appliances.

With that said my question: The unit is in excellent shape and all appliances are in excellent condition. Is an inspection really necessary? What would I gain by hiring someone to look at the unit when any repairs needed will by my responsibility.

You will gain peace of mind knowing that you did not buy a white elephant.

Before the builder went bankrupt he knew what was coming and could have started taking short cuts which affect this unit. If the home inspection finds major problems you will have the opportunity to go ahead with the purchase knowing what to look forward to or you can walk away and get your deposit back.

Get the inspection. They are cheap compared to what you might be facing.

Bigtoe, excellent point on builder cutting corners. However, this unit was built a year before builder went bankrupt. In fact several units were built after this one. All but one unit has been sold. Im not trying to cut costs myself I just dont want to pay out hundreds of dollars and it not be necessary. I understand corners are cut in constructions and the code inspectors are overworked but I can't think of anything that would be found in the inspection on such a new unit that would be a contract stopper. Any ideas?

Chinese sheet rock

The small price of an inspection is worth the large amounts of money it could save your. Or even worse the health risks from factors such as what Bigtoe mentioned or other problems.

I recently looked into buy a house and they said their might be some sort of tank underground that could be leaking oil or something. To fix it would cost several thousand dollars and if you don't you could get sued by neighbors I heard if they find out the tanks i leaking.

Its stuff like this inspectors can find to save you big money in the future.

Once I had an inspection done where the air conditioning unit was moved from a closet to the attic with access through the master bedroom closet. The inspector told me he didn't think it was up to code. I had an air conditioning guy inspect it and there were several things wrong but the main thing was that there was not enough room in the attic for the air conditioner to be worked on if needed. I advised my client to walk away.

This was an older home but I have heard many stories of new homes having things wrong with them. I always advise to get an inspection.

Yes, you should arrange a professional building inspection. It will help you to get the compensation or the rough idea about the future problems that may arise. So, you can erect them within time. It is also necessary for future insurance plans, you may be interested in.

I concur with the previous comments. Better the problem you can see than the one you can't.
Clay Branyon

I have to wonder - if the builder was good would he have gone bankrupt.

There could be other issues besides the systems in the house. Basic structural items - I know that I see some things that I think may just be some flaw and my husband (a builder) can look at it and say it's a disaster waiting to happen...

Unless you are experienced in professional construction, I would say you should ALWAYS have a building inspection.

What woke this thread up ?

I guess I was bored, perusing the threads and commenting on old ones just for the heck of it. lol

I'm of the mind (having been burned by a home inspection) that it offers you or the buyer peace of mind. At the very least, it can offer a heads up before making a purchase.

If it were me I would always get an inspection. You just never know about flukes in the electrical systems. It could be the best $400.00 you ever spent.

Locally:
1. An buyer’s agent who failed to insert a home inspection clause in the buyers offer, would be guilty of a breach of their fiduciary duty to their client.

2. Such an agent would be subject to disciplinary action by the regulatory authorities.

3. Such an agent could also be subject to a civil lawsuit for a breach of their fiduciary duty to their client and ensuing damages together with legal costs.

4. A knowledgeable agent would recognize their own liability and would therefore obtain express instructions from their client, wherein the client acknowledges being informed by the agent of the possible risk involved for failing to insert a home inspection and/or any other inspection clause in their offer and states that they do not wish the relevant inspection clause inserted in their offer.

History has shown that some people have or develop a very selective memory when it comes to filing a complaint or when being involved in a legal action.

One should always remember, that if you do not have it, in writing, then you don’t have it.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .