Skipping an inspection could cost you When Tori Easterling, a broker and real estate instructor, decided to purchase some investment property in Georgia, she faced fierce bidding challenges with cash investors.
By the time she viewed the property and made a bid, her offer was denied. Determined to secure at least one of these properties, which were being offered by the U.S. Department of Housing and Urban Development (HUD), Easterling cleverly devised a plan that included a due-diligence period that allowed her to back out of the deal.
It also gave her leverage to compete with those voracious cash investors. Easterling figured that since she?s the expert, she?d bid on properties without ever setting eyes on them.
Convinced she?d solved her dilemma; Easterling made an offer on six properties, got two acceptance offers, and narrowed down her decision to one after visually assessing the property.
Armed with her HUD Property Condition Report (a document that discloses things wrong with the property), Easterling confidentially placed a contract without an inspection. The outcome: a $5,000 roof job, a $20,000 siding estimate, and a nearby quarry with regular drilling that may be damaging her home?s foundation.
Before placing a contract on your dream home, here are a few things to know about home inspections?and why they?re so important.
What is a home inspection"
A home inspection is a visual, non-invasive inspection of a property. There are seven sys...