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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Waive Engineering Inspection
Did anyone do this* to secure a bid on a house? Would you do this if you knew there were multiple bids on a house you wanted?
(* Instead of doing the inspection b4 contract, you do it afterwards - you just don't get to bargain with them on price if anything is wrong. Of course, if there are things wrong that you aren't comfortable with - you can always back out of the deal.)
OOPS - I explained it wrong. The wording is: "not contingent upon eng inspection". You still bring an engineer in BEFORE you go to contract. If there are any issues - you can either back out of the deal WITHOUT losing money or choose to fix said issues with your own money. There would be no negotiating price.
Message edited 9/14/2005 11:29:06 AM.
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Posted 9/14/05 9:30 AM  |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Waive Engineering Inspection
are you posting a question or answering your own?
personally, i would NEVER waive an inspection. there could be a multitude of problems that an untrained eye may not be aware of. we had the inspection done before signing the contract.
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| Posted 9/14/05 9:34 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Waive Engineering Inspection
Never waive an inspection - that could be the worst thing you could do - the inspection on my home that we are buying found 4 thingss that needed to be done by the seller asap. If we didnt get the house inspected I would of been responsible to pay for those things myself.
Scott
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| Posted 9/14/05 9:38 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Waive Engineering Inspection
if you can back out of the contract...i don't see a problem...but talk with your lawyer to verify that you can back out and get your deposit back...
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| Posted 9/14/05 9:43 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Waive Engineering Inspection
Posted by skew
are you posting a question or answering your own?
Not sure how I was unclear - I posted 2 questions and explained what it meant to waive to those who didn't know what it meant. It doesn't look like you read that part. 
Waiving inspection means we want to go to contract ASAP - we'd STILL bring an engineer in and if there were major issues, we could back out of the deal. The only possible downside would be that if there were minor issues we couldn't renegotiate the price.
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| Posted 9/14/05 9:43 AM |
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Re: Waive Engineering Inspection
I wouldn't do it- there could be major problems that you can't see- something with the electrical, the plumbing, the roof.
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| Posted 9/14/05 9:44 AM |
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luvsun27
Check out my cool glasses
Member since 5/05 8135 total posts
Name:
Kim
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Re: Waive Engineering Inspection
I don't see how you can back out of the deal and get your deposit back, if the terms of the contact state that you waived your right to the inspection? Did your attorney tell you this? Maybe it's something in the legal jargon....but going to contract means just that...a contract. If you walk away....that's your right, but I would think the seller gets to keep your $$$$.
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| Posted 9/14/05 9:51 AM |
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ckdk
My girls
Member since 5/05 7027 total posts
Name:
Cheryl
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Re: Waive Engineering Inspection
If you can back out and get your $ back, then I guess I would, although very skeptical about this.
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| Posted 9/14/05 9:53 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Waive Engineering Inspection
my lawyer mentioned once that escrow money is sacred to RE lawyers...and very few times do people not give it back...and worst case scenario...you get it back in litigation...
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| Posted 9/14/05 9:56 AM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Waive Engineering Inspection
Posted by Colleen9304
Posted by skew
are you posting a question or answering your own?
Not sure how I was unclear - I posted 2 questions and explained what it meant to waive to those who didn't know what it meant. It doesn't look like you read that part.
Waiving inspection means we want to go to contract ASAP - we'd STILL bring an engineer in and if there were major issues, we could back out of the deal. The only possible downside would be that if there were minor issues we couldn't renegotiate the price.
i guess i really didn't understand the 2nd part of your post. i guess it was the way it was worded. seemed more like a statement than a question.
if you waive the inpsection and sign the contract, you are agreeing to purchase the home as is. if you chose to have an inpsection done (for your own interest), AFTER the contract is signed any issues that arise would not be up for negotiation.
Message edited 9/14/2005 10:12:51 AM.
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| Posted 9/14/05 10:12 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Waive Engineering Inspection
Colleen's saying an inspection would be done PRIOR to going to contract, so they could back out without losing money. BUT if anything is found during the inspection, they must break the deal OR pay for the repairs themselves. They can't negotiate for a better price or for the repairs to be done since the deal was not contingent on inspection.
Until the contract is signed, you can always walk away.
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| Posted 9/14/05 12:06 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Waive Engineering Inspection
This is simply buying a house AS-IS.
Get the inspection done before you go into contract. If all is well... go into contract and accept the house AS-IS.
Just make sure you get a GOOD inspector.
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| Posted 9/14/05 12:31 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Waive Engineering Inspection
COLLEEN AS LONG AS YOU ARE OK WITH IT, AND YOU CAN GET YOUR DINERO BACK 100%, GO FOR IT.
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| Posted 9/14/05 12:36 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Waive Engineering Inspection
Thanks for articulating what I couldn't Lisa 
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| Posted 9/14/05 12:39 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Waive Engineering Inspection
Posted by Colleen9304
OOPS - I explained it wrong. The wording is: "not contingent upon eng inspection". You still bring an engineer in BEFORE you go to contract. If there are any issues - you can either back out of the deal WITHOUT losing money or choose to fix said issues with your own money. There would be no negotiating price.
perhaps i may missing something here but i don't get it. "not contingent on an inspection" basically means that you are waiving your rights to an inspection, purchasing the home AS IS. if you are planning to do this prior to signing a contract then what money is there to be lost?
if the contract IS signed and ther is a "no inspection contingency" and you opt to have an inspection performed, then you are still obligated to purchase the home regardless of what issues may arise, hence "purchase of the home has no bearing on an inspection report = no inpsection contingency. VERY sticky!
i.e
when we made an offer we had a "no mortgage contingency" and yes it was in writing. what this basically meant was that we were agreeing to purchase the home w/ or w/o a mortgage. if we were denied a mortgage we were still legally bound to purchase the home. if we decided for whatever reason to back out, then we would have lost our earnest money AND been liable for a lawsuit.
Message edited 9/14/2005 8:13:30 PM.
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| Posted 9/14/05 7:54 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Waive Engineering Inspection
Posted by skew
Posted by Colleen9304
OOPS - I explained it wrong. The wording is: "not contingent upon eng inspection". You still bring an engineer in BEFORE you go to contract. If there are any issues - you can either back out of the deal WITHOUT losing money or choose to fix said issues with your own money. There would be no negotiating price.
perhaps i may missing something here but i don't get it. "not contingent on an inspection" basically means that you are waiving your rights to an inspection, purchasing the home AS IS. if you are planning to do this verbally prior to signing a contract then what money is there to be refunded if there is a problem(s) w/ the inspection?
if the contract is signed w/ a "no inspection contingency" and then you opt to have an independent inspection performed, then you are still obligated to purchase the home regardless of what issues may arise. VERY sticky!
i.e
when we made an offer we had a "no mortgage contingency" and yes it was in writing. what this basically meant was that we were agreeing to purchase the home w/ or w/o a mortgage. if we were denied a mortgage we were still legally bound to purchase the home. if we decided for whatever reason to back out, then we would have lost our earnest money AND been liable for a lawsuit.
I believe she is getting the inspection done before the contracts are signed. If the inspection is THAT BAD... she just won't sign the contract.
No money will change hands until the contracts are signed... and the contracts won't be signed unless the inspection is done.
It sounds like this is just her way of letting the sellers know she won't nickel and dime them to death with minor repairs.
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| Posted 9/14/05 8:13 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Waive Engineering Inspection
Posted by DjPiLL
Posted by skew
Posted by Colleen9304
OOPS - I explained it wrong. The wording is: "not contingent upon eng inspection". You still bring an engineer in BEFORE you go to contract. If there are any issues - you can either back out of the deal WITHOUT losing money or choose to fix said issues with your own money. There would be no negotiating price.
perhaps i may missing something here but i don't get it. "not contingent on an inspection" basically means that you are waiving your rights to an inspection, purchasing the home AS IS. if you are planning to do this verbally prior to signing a contract then what money is there to be refunded if there is a problem(s) w/ the inspection?
if the contract is signed w/ a "no inspection contingency" and then you opt to have an independent inspection performed, then you are still obligated to purchase the home regardless of what issues may arise. VERY sticky!
i.e
when we made an offer we had a "no mortgage contingency" and yes it was in writing. what this basically meant was that we were agreeing to purchase the home w/ or w/o a mortgage. if we were denied a mortgage we were still legally bound to purchase the home. if we decided for whatever reason to back out, then we would have lost our earnest money AND been liable for a lawsuit.
I believe she is getting the inspection done before the contracts are signed. If the inspection is THAT BAD... she just won't sign the contract.
No money will change hands until the contracts are signed... and the contracts won't be signed unless the inspection is done.
It sounds like this is just her way of letting the sellers know she won't nickel and dime them to death with minor repairs.
hmm interesting. thanks for the clarification. i just assumed that "not contingent on an inspection" means to accept AS IS. never heard of a "no contingency" w/ a contingnecy.
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| Posted 9/14/05 8:19 PM |
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