Need a reputable home inspector (bank owned, short sale, real estate)

deefromlv · 12-08-2007, 12:53 PM

It's been a couple of weeks, and we are still waiting on word back from the bank if they will accept our offer on a home. In the mean time, even though my mortgage company says it will send an inspector out if they accept the offer, I am also thinking of hiring an independent one. I was wondering if anyone had any recommendations and could tell me how much this would cost. Being a bank owned home they of course want you to sign all the "no matter what is wrong with it you can't come back on us" forms. I just want to make sure there are no major problems like mold and two inspections in my mind are better than one.

Another quick question for all of you real estate professionals out there. My realtor wants us to sign all the docs (the "no you can't come back on us for...."as is kinda docs) now while we are waiting for the bank to come back with an answer on the house. He said this is so we can "move fast". Well, we don't care about "moving fast". There are no other offers on the house and we already told the bank it would not be a quick (2 weeks or less) close. What gives? Is there some reason he so desperately wants us to sign this stuff now? I'm really busy right now and honestly I simply don't want to take the time to review this stuff if it turns out the bank says no.

Thanks all. You're advice has been invaluable.

deefromlv · 12-09-2007, 01:15 PM

Anyone have any feedback for me?

olecapt · 12-09-2007, 02:27 PM

Quote:

Originally Posted by deefromlv

It's been a couple of weeks, and we are still waiting on word back from the bank if they will accept our offer on a home. In the mean time, even though my mortgage company says it will send an inspector out if they accept the offer, I am also thinking of hiring an independent one. I was wondering if anyone had any recommendations and could tell me how much this would cost. Being a bank owned home they of course want you to sign all the "no matter what is wrong with it you can't come back on us" forms. I just want to make sure there are no major problems like mold and two inspections in my mind are better than one.

Another quick question for all of you real estate professionals out there. My realtor wants us to sign all the docs (the "no you can't come back on us for...."as is kinda docs) now while we are waiting for the bank to come back with an answer on the house. He said this is so we can "move fast". Well, we don't care about "moving fast". There are no other offers on the house and we already told the bank it would not be a quick (2 weeks or less) close. What gives? Is there some reason he so desperately wants us to sign this stuff now? I'm really busy right now and honestly I simply don't want to take the time to review this stuff if it turns out the bank says no.

Thanks all. You're advice has been invaluable.

I will send you a recommendation for an inspector by DM. It would be unheard of for a mortgage outfit to send an inspector. Perhaps an appraiser? The inspection will cost around $350.

The story on the docs does not compute. Banks do not normally consider sales until all the documentation is in. They can but they generally don't. They normally require a waiver of the SRPD and the various NRS statutes. As well as various clauses dealing with closing, escrow etc.

Are you sure they are actually looking at your offer? They may well be sitting on their hands waiting for your documents.

deefromlv · 12-09-2007, 06:49 PM

Quote:

Originally Posted by olecapt

I will send you a recommendation for an inspector by DM. It would be unheard of for a mortgage outfit to send an inspector. Perhaps an appraiser? The inspection will cost around $350.

The story on the docs does not compute. Banks do not normally consider sales until all the documentation is in. They can but they generally don't. They normally require a waiver of the SRPD and the various NRS statutes. As well as various clauses dealing with closing, escrow etc.

Are you sure they are actually looking at your offer? They may well be sitting on their hands waiting for your documents.

Yes, our realtor told us the bank was actually considering our offer. We are supposed to hear this week. No wonder he's been really getting on my case to get those docs to him. He keeps saying its so we can be ready for a "quick close" but he probably flubbed up and just didn't have us sign the docs with the rest of our paperwork. I wish he'd just say that instead of trying to cover up his mistake.

Here's another question for you. He said that if the bank accepts our offer and takes our EMD we will have 10 days from that point to back out of the deal and get our EMD back for any reason. For example, he said if we were to look at the CC&R's and decide we didn't like them we could just rescind the offer. Is this true? I don't want to get into a situation where I sign my life away and then have a home inspector tell me there is $15,000 in mold remediation that needs to be done and I can't back out of the house.

olecapt · 12-09-2007, 08:23 PM

Your EMD goes to escrow not the bank. Escrow is a neutral party. Generally they will release your EMD only if you agree or the other side gets a court order.

There is a set dance before you are committed to closing. That dance is described in the contract. Generally you have 10 or 14 or some number of days to complete your inspections and determine that you want to proceed. One of the other items is that generally they must provide the HOA documents to you and allow time for review before you are committed.

Note that Bank addendums may attempt to modify some of these conditions. For instance they often demand relatively large EMD and demand that the financial contingency be satisfied after some number of days...Basically close in 30 days or your EMD is no longer recoverable.

Go over the contract with your agent. Know exactly how it works. If your agent is not comfortable doing this your agent can get someone senior from the Brokerage to walk you through it all.

SinCitySingleMommy · 12-10-2007, 10:23 AM

number of homes on the market..don't let them push you into an important decision like that when you have doubts. Your real estate agent should be able to give you 3 or 4 inspectors to choose from. Make sure they are licensed, what they offer, and what they guarantee.

olecapt · 12-10-2007, 11:09 AM

Quote:

Originally Posted by SinCitySingleMommy

number of homes on the market..don't let them push you into an important decision like that when you have doubts. Your real estate agent should be able to give you 3 or 4 inspectors to choose from. Make sure they are licensed, what they offer, and what they guarantee.

Sorry...there are not a large number of homes in the conditions she is looking for and all will have some difficulty in being bought. Nature of the short sale or REPO.

How would any civilian ever differentiate between inspectors? Took me a couple of years to find a couple that I am happy with. Realtors often recommend four and let the client chose to avoid any liability if the inspector blows it.

Eric Young · 12-10-2007, 10:32 PM

I used many inspectors when I first got in the business.

From the time I used Pete Hawley of WIN Inspections, I've never used another. Quite simply, he's the best. He's also one of the few completely certified to perform full-on commercial inspections.

I rarely recommend anyone...but I'll recommend Pete any day of the week. His number is 702-388-9464.

deefromlv · 12-11-2007, 07:10 PM

Thanks all for the information. It might be a moot point in a week. We've given the bank an ultimatum. We want word this week or the offer is withdrawn. Frankly, new construction or regular resale is looking more and more appealing at this point. Even at a higher price. We might even wait til spring or summer. Or look in a new location. We wanted southwest, south, or henderson but now might consider northwest. And we are definitely getting a new realtor. I found every house we saw (dozens). He had no suggestions and seemed to put in minimal work with everything. He often showed up at the houses with no list of comps and just kept pointing out was was nice about the houses and not commenting on obvious flaws.

Luckily we did not sign any agreement to stick with him. It's just been a not so great experience with this realtor. Our realtor back East was great. I need a decent realtor who is looking out for my interests, not someone who just shows up to unlock a house for us. Sorry, just venting and feeling all alone trying to navigate this market.