pre-purchase inspection
I’m considering bidding on a house that might have significant structural issues. The circumstances of the sale won’t allow for a structural engineer contingency. But before I can figure out whether and what to bid, I need to get some sense of the potential renovation costs. I’m hesitant to pay $1500 (or whatever it costs)…
I’m considering bidding on a house that might have significant structural issues. The circumstances of the sale won’t allow for a structural engineer contingency. But before I can figure out whether and what to bid, I need to get some sense of the potential renovation costs. I’m hesitant to pay $1500 (or whatever it costs) for a structural engineering report since there’s no guarantee that my bid will even be accepted. So my question is: do some engineers do perhaps less detailed and less expensive pre-purchase inspections or would a contractor be able to make a pretty accurate assessment of what is going to need to be done. Thanks so much for any advice!
Is this a short sale? The process is the same. You make a bid, if it is accepted, you schedule an inspection, if you wish to revise your bid you may do so, and if the seller wishes to accept it, they will. Then you submit your package to the bank and at that point nothing is subject to an inspection.
yes eman. it’s a house, not a bridge for God’s sake. A good contractor can assess any problems. You don’t specifically need an engineer. If the contract doesn’t allow for an “inspection” and you are not comfortable with your own assessment then walk away from it.
To me, it sounds like the sellers might be aware of serious issues and wants to avoid taking a hit on the sale price.
Ask yourself how badly you want this house. If you really want it, then invest the $1500 so that you can make an educated bid.
BTW, I did this for a couple of houses when I was looking. I don’t think it was so expensive.
Make an offer, if it’s accepted, get a structural engineer and a regular inspection, then adjust your offer.
no