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#438490 - 08/23/14 01:06 PM Post acceptance inspection?
synergy Offline
Member

Registered: 08/20/14
Posts: 19
Loc: Ohio
Is there a point to a post acceptance inspection other than to let you know what issues you may have in the house? Will banks negotiate anything after they accepted your offer?

Thanks

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#438492 - 08/23/14 02:47 PM Re: Post acceptance inspection? [Re: synergy]
fdegree Offline
Member

Registered: 08/01/14
Posts: 61
Loc: Mid-Atlantic
Others with more experience may have more to contribute...but I don't see the point of a POST-acceptance inspection. If the buyer is going to do an inspection, it should be a PRE-acceptance inspection.

I would encourage a PRE-acceptance inspection...writing a contingency in the offer that states the buyer can rescind the offer if the inspection does not meet the buyer's approval.

Additionally, a POST-acceptance inspection is fine as long as there is an "Out" for the buyer if the inspection reveals something the buyer doesn't want to get involved with.


Edited by fdegree (08/23/14 02:51 PM)

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#438494 - 08/23/14 04:31 PM Re: Post acceptance inspection? [Re: synergy]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7495
Loc: Vermont's North-East Kingdom
Originally Posted By: fdegree
". . . I would encourage a PRE-acceptance inspection . . ."

Under your recommendation, what prevents the Seller from accepting another Offer from a different Buyer while your Buyer occupies himself/herself following an Inspector around and paying for an Inspection on a house s/he will never own ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#438496 - 08/23/14 06:40 PM Re: Post acceptance inspection? [Re: synergy]
fdegree Offline
Member

Registered: 08/01/14
Posts: 61
Loc: Mid-Atlantic
Good point...poor choice of wording on my part, and essentially confusing. I have to apologize for that. Let me take another shot at this, and hopefully make it clearer.

In the offer, add some wording to the effect:
After acceptance of the offer, the buyer will have a home inspection performed, and reserves the option to rescind the offer if the inspection does not meet the buyers approval, and the seller refuses make any repairs.

In a short sale, the seller is unlikely to make any repairs anyway.

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#438507 - 08/24/14 06:46 AM Re: Post acceptance inspection? [Re: synergy]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2193
Loc: Outer Banks
@fdegree when the offer is accepted it is then a contract.

@synergy. Yes, get an inspection after you have a fully executed contract. If it is a short sale or foreclosure you might not get any repairs done but if the house has major issues you can back out.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#438508 - 08/24/14 07:34 AM Re: Post acceptance inspection? [Re: Bigtoe]
fdegree Offline
Member

Registered: 08/01/14
Posts: 61
Loc: Mid-Atlantic
[quote=Bigtoe]@fdegree when the offer is accepted it is then a contract.[/quote]
I am assuming you are referring to this part of my response...
[quote=fdegree]...and reserves the option to rescind the offer...[/quote]
You're right, I should have worded it better, something like:
...reserves the option to terminate the contract...

If you can't tell, I'm new, and still trying learn and to work through all of the terminology. Hence, my presence here.

Thanks!!!

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#438553 - 08/25/14 10:16 AM Re: Post acceptance inspection? [Re: synergy]
synergy Offline
Member

Registered: 08/20/14
Posts: 19
Loc: Ohio
Thanks for all the replies.

So would fdegree's approach work? Putting in terms that say that the buyer reserves the right to terminate the contract in case of major issues found with the house?

I am not asking so much in terms of the legal aspect but in terms of the bank's approval aspect? The bank could see those terms and tell the buyer to [censored] off if they wanted to. How do banks react in those situations? Do they even care?

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#438606 - 08/26/14 06:25 AM Re: Post acceptance inspection? [Re: synergy]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2193
Loc: Outer Banks
Most contracts have those clauses already built in as part of the boiler plate. Just make sure you use an experienced agent so they know how to implement it.

Banks typically give 7 to 10 days for the under contract buyer to have whatever inspections done. During that time you can back out for any reason.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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