Do I need it inspected?

**above** · 07-29-2009, 12:54 PM

I've found a studio in a coop bldg. The seller had renewed it with new paint, kitchen etc., and I haven't seen anything major part that needs fixing. It will be a cash transaction so no bank sending inspectors. Do most buyers in such a case still hire inspectors to inspect the apt or not? If yes, this should be done before signing the offer contract?

**ohioreoexperts.com** · 07-29-2009, 01:56 PM

You should have the option to have your contract contingent upon an acceptable inspection of the property. Everything may look okay but I would rather spend $400 on an inspection rather than find a $3000 problem afterwards. Paint can make a lot of things look good and hide problems, unless you're an expert or a home inspector yourself, I'd strongly suggest you spend the few hundred dollars and get it done.

**above** · 07-29-2009, 02:25 PM

Thanks for your advice (true, the paint can cover a lot of things).

**markbrian** · 07-29-2009, 06:08 PM

I have to agree with ohioreoexperts. The small cost of an inspection is always advisable and all offers should be contingent on an acceptable to the buyer inspection.

**above** · 07-29-2009, 08:45 PM

I signed an initial offer paper, which simply states my (buyer's) offer. Before signing, I was asked whether I wanted to inspect the paint (only paint, nothing else) and I would have to do so at my own expense, and said no. I believe this was an item in the paper signed. This should not prevent me from stating the contingent inspection condition in the final official contract, right? (we are still in the negotiation process as the initial offer was not accepted by the seller.)

**joelrunner** · 07-29-2009, 09:06 PM

is this a state-approved contract, or one they had their attorney draft?

If it's a state approved contract, I'd be surprised if there wasn't an inspection clause allowing you to inspect the property (unless you waived that right - which would be crazy. An inspection is a very small price to pay to make sure your investment is a solid one.)

If it's a privately drafted contract, it could be written completely in the sellers' favor & who knows what rights you're giving up...

In either case, before executing a contract, I advise that you have an attorney's help reviewing what you're getting into.

**above** · 07-29-2009, 09:13 PM

I didn't even pay attention to who drafted it... It was done in a rush, the first paper and only I have ever signed, not really a contract, just stating my initial offer, which the seller has rejected, and I have upped my offer already. So I guess it's not important? When I sign the final contract I still have a chance to request inspection, right?

**joelrunner** · 07-30-2009, 05:03 AM

If whatever you signed was truly rejected, you're probably OK, but who knows. I strongly advise you get an attorney involved.

**ohioreoexperts.com** · 07-30-2009, 05:48 AM

If you have upped your offer already, did you sign another paper saying as such or did you do it verbally? If you've signed another paper with a higher offer, withdraw it before it is signed and be sure to get an inspection contingency in there. Most likely, the paint inspection you signed off on was Lead Based Paint.

Check you contract before you get too far along here, if the seller signs the paper you signed you are locked. Rule of thumb, if you're not going to stand behind it then don't sign it. After you've signed it, changes may not be available to you if the other party does not wish to grant them.

**Greg** · 07-30-2009, 06:38 AM

Make sure the final paper you sign has a clause that allows you to have an inspection.

read this post from someone who thought they knew enough to skip the inspection.

What Have I Done?! Help!

It sounds like you are working with the listing agent. if so you need to remember that the listing agent works for the seller and is obligated to get the best deal for the seller at you expense.

Have an attorney go over your paperwork before you sign away your rights.