We plan on making an offer on a house we'll tear down. Do we need an inspection? It's an old house, and we think we might encounter some asbestos, maybe something else we're not considering?

I would certainly check into local rules and regulations on the tear down issue. Asbestos and lead based paint are two of the big issues in old homes. Asbestos dust and lead based paint containment can be an costly issue to deal with. Before making an offer I would get certified asbestos and lead based paint removal contractors to give you bids for removal of any contaminants that are encountered. Good luck

Yeah, the asbestos thing could be a killer. Plus, you may want to see of the foundation might be salvageable.

I was working with a buyer client a few years ago and he made an offer on an older small lakefront home on a beautiful lot and in a good location. His intentions were to tear the home down (which he asked me to not disclose to the listing agent) and build a new home for himself but wanted the sellers/their Realtor to think that it was going to be used as a rental.

My client did inspections anyway and asked compensation (price reduction on a cash deal) for almost every item to be repaired including a new roof and the sellers agreed to this reduction of over $12,500.00 and he completely demolished the home anyway.

My client got a good deal but this transaction was not one of my most favorites.