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re: Need help with house buying

Posted on 6/5/18 at 7:44 am to
Posted by baldona
Florida
Member since Feb 2016
23316 posts
Posted on 6/5/18 at 7:44 am to
quote:

Home inspection will come back with something that will need to be repaired. That is your scapegoat if you don’t like the house.


This. "Contingent upon inspection." Very normal thing that literally every buyer should have in their contract anyway.

Also pretty sure contingent upon financing is written into almost all real estate deals as obviously the deal won't close without it.
Posted by lsugradman
Member since Sep 2003
8934 posts
Posted on 6/5/18 at 7:47 am to
Yep. See above.

I just bought a house sight unseen bc I’m living overseas. Plan was if all didn’t pan out with the inspection that would be the exit point.
Posted by ItNeverRains
Offugeaux
Member since Oct 2007
28166 posts
Posted on 6/6/18 at 7:09 am to
Put in an offer contingent on inspection. Then inspect the house. If the house is shite, use contingency to bail and recoup escrow.

Edit - You should always get a qualified licensed home inspection. But if you walk in and hate the house, you don't need to pay someone to walk away. You can act as your own inspector.
This post was edited on 6/6/18 at 7:11 am
Posted by VABuckeye
NOVA
Member since Dec 2007
38283 posts
Posted on 6/6/18 at 11:30 am to
quote:

The word you’re looking for is ‘accept.’


He's looking for a lot of words there. Rescind being one of them.
Posted by Jag_Warrior
Virginia
Member since May 2015
4292 posts
Posted on 6/6/18 at 6:07 pm to
quote:

Also pretty sure contingent upon financing is written into almost all real estate deals as obviously the deal won't close without i


In hot markets or when it’s a FSBO (no agents involved), the purchaser has to make sure that contingency is there, if they want it there. Without it (or if you let the contingency expire without giving proper notice or following the financing conditions), it becomes a cash contract. Some buyers want the contingency, while others don’t need to line up financing and want to present a strong(er) cash contract.

Even on a boilerplate Realtor’s contract, there’s a section where that contingency has to be activated. That’s how they are in VA anyway.

Just something to keep in mind...
Posted by yellowfin
Coastal Bar
Member since May 2006
98745 posts
Posted on 6/10/18 at 11:45 am to
If I were seller I wouldn’t accept an offer from a buyer that hadn’t been shown the house. Especially if the market is what you’ve described
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