| Posted By |
Message |
PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
|
Do you get the inspection fee back if seller accepts another bid?
this might be a naive question, but I am preparing for the worst so I gotta ask....
I've read so many stories where seller accepts another bid and it's just too common...
if everytime someone's bid gets accepted, proceed to get the house inspected then the seller accepts a higher bid before signing contract, then that inspection fee adds up!
|
Posted 9/5/05 6:50 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
|
|
Re: Do you get the inspection fee back if seller accepts another bid?
Good question- we could have lost our house because the sellers had a higher bid, but they chose to honor ours. This was the same day we had the inspection. I don't know what would happen. The right thing would be for you to get your money back, but real estate is not always a nice business...
|
| Posted 9/5/05 6:53 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Do you get the inspection fee back if seller accepts another bid?
You don't get it back.
But the seller should be pretty set on selling you the house if they see you brought an inspector in.
|
| Posted 9/5/05 7:04 PM |
| |
|
PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
|
Re: Do you get the inspection fee back if seller accepts another bid?
but the inspection is done before the contracts... and from what I read and heard, anything is possible till the contract is signed 
|
| Posted 9/5/05 7:13 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by PiyoPika566
but the inspection is done before the contracts... and from what I read and heard, anything is possible till the contract is signed
Yeah. Thats the chance you have to take unfortunately.
Its rare though that a seller will back out once they see an inspection is done. That to them shows that you are serious and want to get the contracts done.
But only send in an inspector once you get the OK from the RE agent.
|
| Posted 9/5/05 7:22 PM |
| |
|
PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by DjPiLL
Posted by PiyoPika566
but the inspection is done before the contracts... and from what I read and heard, anything is possible till the contract is signed
Yeah. Thats the chance you have to take unfortunately.
Its rare though that a seller will back out once they see an inspection is done. That to them shows that you are serious and want to get the contracts done.
But only send in an inspector once you get the OK from the RE agent.
Thanks, with this house being an estate, I want to prepare myself for the worst case senario, since one of the brother wants to wait on receiving the full asking price 
We already agree to their counter, but being this is the holiday weekend, my agent have not gotten a chance to communicate that to them yet, but once I get the ok, I will send the inspector over.
I would just hate to loose $500 bux if they take another offer......
|
| Posted 9/5/05 7:29 PM |
| |
|
groovypeg
:)
Member since 5/05 2423 total posts
Name:
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by PiyoPika566
Posted by DjPiLL
Posted by PiyoPika566
but the inspection is done before the contracts... and from what I read and heard, anything is possible till the contract is signed
Yeah. Thats the chance you have to take unfortunately.
Its rare though that a seller will back out once they see an inspection is done. That to them shows that you are serious and want to get the contracts done.
But only send in an inspector once you get the OK from the RE agent.
Thanks, with this house being an estate, I want to prepare myself for the worst case senario, since one of the brother wants to wait on receiving the full asking price
We already agree to their counter, but being this is the holiday weekend, my agent have not gotten a chance to communicate that to them yet, but once I get the ok, I will send the inspector over.
I would just hate to loose $500 bux if they take another offer......
i hate to say this, but thats how we got our house. the other buyers had the contract signed and the inspector come, but the sellers did not sign their contract, and decided last minute to go with us.
|
| Posted 9/5/05 7:50 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by PiyoPika566
Thanks, with this house being an estate, I want to prepare myself for the worst case senario, since one of the brother wants to wait on receiving the full asking price
We already agree to their counter, but being this is the holiday weekend, my agent have not gotten a chance to communicate that to them yet, but once I get the ok, I will send the inspector over.
I would just hate to loose $500 bux if they take another offer......
Make sure you have a signed binder before you send an inspector in.
The binder doesn't mean much... but at least it puts the RE agent's word on the line (for what that's worth). 
|
| Posted 9/5/05 7:53 PM |
| |
|
MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by DjPiLL
Posted by PiyoPika566
Thanks, with this house being an estate, I want to prepare myself for the worst case senario, since one of the brother wants to wait on receiving the full asking price
We already agree to their counter, but being this is the holiday weekend, my agent have not gotten a chance to communicate that to them yet, but once I get the ok, I will send the inspector over.
I would just hate to loose $500 bux if they take another offer......
Make sure you have a signed binder before you send an inspector in.
The binder doesn't mean much... but at least it puts the RE agent's word on the line (for what that's worth).
signed binder? from the RE agent?   for what?
|
| Posted 9/5/05 8:11 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by MrsERod
signed binder? from the RE agent? for what?
Because some buyers may "think" they have an accepted offer and will pre-maturely send an inspector in when the RE agent is still accepting firsts.
Nothing is considered "accepted" until you have a signed binder. Nothing is considered "official" until you have a signed contract.
|
| Posted 9/5/05 8:23 PM |
| |
|
MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by DjPiLL
Posted by MrsERod
signed binder? from the RE agent? for what?
Because some buyers may "think" they have an accepted offer and will pre-maturely send an inspector in when the RE agent is still accepting firsts.
ahh....see, i thought you were referring to the buyers agent! 
|
| Posted 9/5/05 9:18 PM |
| |
|
sasha96
lovin' my 2 little ladies!
Member since 5/05 7401 total posts
Name:
Julianne
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by DjPiLL
Nothing is considered "accepted" until you have a signed binder. Nothing is considered "official" until you have a signed contract.
In this market, "accepted offer" and a signed binder means nothing, honestly. Only a signed contract means something, unfortunate as this all is as I'm sure you know.
You can't get the sellers to reimburse you for an inspection if they take another offer. Maybe they will do this out of kindness, but I'd expect that to be a very rare gesture that is few and far between. You can try to sell your inspection report to the newest "accepted offer" in an attempt to recoup some of the money you spent but you don't know if they'll go for that. I'd personally want to walk around with my inspector.
|
| Posted 9/6/05 5:37 PM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by sasha96
In this market, "accepted offer" and a signed binder means nothing, honestly.
Oh I know this. Believe me.
But at least if the buyer waits till the Binder... then the person has something in writing.
I'll tell you... if I put in a bid on a house in good faith and it was accepted and the RE offered me a binder... if the RE agent comes back to me a week later and say the deal is off... if I was ****** off enough about it... I may consider taking them to small claims.
Yeah you probably won't win the case... but it will put a little pressure on them to maybe compensate you for the lost money on the inspection.
Thats why I (me) would wait till I get a binder before I do any inspection. Let the RE put her word on the dotted line.
Yeah it means squat in the end... but at least its SOMETHING.
|
| Posted 9/6/05 6:38 PM |
| |
|
sasha96
lovin' my 2 little ladies!
Member since 5/05 7401 total posts
Name:
Julianne
|
Re: Do you get the inspection fee back if seller accepts another bid?
very true! good luck with your sale and purchase!
|
| Posted 9/6/05 7:08 PM |
| |
|
BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by PiyoPika566
but the inspection is done before the contracts... and from what I read and heard, anything is possible till the contract is signed
Anything is really possible until the closing.  and no, you cannot get your money back. In a sense, the inspection is really for your benefit. You want to be sure you aren't taking on a multitude of problems before locking yourself in.
edited to say that if you talk to the inspector, maybe you can see if he will give you a deal if you use him on any other subsequent inspections.
Good luck!
Message edited 9/7/2005 9:07:13 AM.
|
| Posted 9/7/05 9:06 AM |
| |
|
joann564
LIF Infant
Member since 9/05 266 total posts
Name:
Jo Ann
|
Re: Do you get the inspection fee back if seller accepts another bid?
I got my money back without even asking. The sellers backed out the day before they were to sign the contract with no reason why. My real estate called us and told us the bad news and in the same sentance told us we should have a refund check within the week for the inspection fee.
The lawyer decided not to charge us any fees either since we told him we were going to use him when we finally found the house.
|
| Posted 9/7/05 9:20 AM |
| |
|
MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by joann564
I got my money back without even asking. The sellers backed out the day before they were to sign the contract with no reason why. My real estate called us and told us the bad news and in the same sentance told us we should have a refund check within the week for the inspection fee.
The lawyer decided not to charge us any fees either since we told him we were going to use him when we finally found the house.
wow...I wish. We went to contract 4 times before finally closing on our house. That totalled almost $2000 in inspections for houses we did not even get to go to closing on.
|
| Posted 9/7/05 9:56 AM |
| |
|
DHI
LIF Zygote
Member since 10/05 5 total posts
Name:
Fred
|
Re: Do you get the inspection fee back if seller accepts another bid?
Posted by sasha96
Posted by DjPiLL
You can try to sell your inspection report to the newest "accepted offer" in an attempt to recoup some of the money you spent but you don't know if they'll go for that. I'd personally want to walk around with my inspector.
You can't "sell" an inspectors report, and unfortunately, in this case, you can't recoup the fee. The inspector performed his or her job in good faith, and whether the deal is done or not, the inspector still performed the service. A good inspector though, may do a second inspection at a reduced rate. Also, if the realtor & seller allowed the inspection be performed, and then accepted another bid, you may want to tell the realtor, the next inspection is on you or I find a new realtor.
The inspection report is not transferable and is for the clients use exclusively. In most cases that statement is included in the pre-inspection agreement and again in the report.
ALso, never buy someone else's report. Conditions can change from month to month and even week to week. There may be an issue that was pointed out on a report - the seller does something to cover it up - won't be seen in an old report.
Be leery of hiring your realtors inspector. Do your homework.
|
| Posted 10/6/05 12:08 PM |
| |
|
