making an offer on a home

is there something that should be in writing stating that the offer is pending an inspection? or is it just assumed that you will get the house inspected and can change your mind/negotiate after an inspection takes place

making an offer on a home

Other states put offers in writing but we never did in NYS.

An offer even after it is accepted is not binding. Either party can walk away without any issues.

Re: making an offer on a home

my offer paperwork includes a spot for that

the offical MLS binder doesn't- which is why I prefer to use an offer to purchase form my broker made- it's much more clear

but the home inspection is discussed as part of the terms

Re: making an offer on a home

I always insist on written offers, whether I am working with the buyer or the seller. I just think it's better to have clarity on all of the terms, and to me, it's a much stronger way to present an offer. In a competitive market, where multiple offer situations are becoming more and more common, I think it's really key to submit accompanying paperwork with an offer. ETA - Of course, it is often necessary to make a verbal offer initially, but I always follow it up with paperwork asap (or, as the listing agent, request the paperwork).

But - as others have said - you are not legally obligated to purchase the house until you sign the contract (at which time you will give over at least some of your down payment, to be held in escrow until the closing).

During the interim between the accepted offer and the signing of the contract, you would typically have a home inspection. So you can always walk away after the home inspection, but of course, you could always walk away because you just changed your mind about buying the house (or found a better one), as long as the contract hasn't been signed.

Keep in mind, this works both ways -- The seller is also not bound to their acceptance of your offer until he or she signs the contract. Up until that point (even if you have signed the contract), the seller can change his or her mind, take a higher offer, take the house off the market, etc. So as a buyer, it really is to your benefit to move quickly in terms of getting the home inspection done and signing the contract asap if you want to lock up the house!

But because of all of the above, it's really not necessary to put in writing that your offer is contingent on a home inspection. That's generally understood - most buyers don't waive the home inspection. But as Beth said, the inspection is something that will always come up when the offer is being negotiated. As a buyer's agent, I always make clear that my buyer will get the inspection done asap, and as a listing agent, I always inquire as to whether a home inspection will be done and whether they are prepared to get it done asap.

Message edited 9/26/2013 5:17:03 PM.