Looking at buying a house for the first time. Have a few questions

[C Drill97]

Your friend, im sure is trying to help, hasnt a clue. Generally, zillow is close. It's not always accurate.

Rental companies arent going to sell you the propery. They need it for cash flow. If they sold it to you, they have to pay more...on the market...to generate cash flow.

But to answer your question...its a waste of money to inspect a property before there is an offer accepted. There is no point in spending money to look at something that wont be sold to u

Listen to this guy, he’s smart.

 

[chucklenut]

wait 6 months to a year when the economy really tanks

 

[Jopples]

We bought the house we were renting 6 years ago, we paid for home inspection ourselves since the landlord was a cheap piece of trash. We've spent around $40K so far in repairs and upgrades and still have lots yet to do but I know what's been repaired and what needs to be

 

[Jdadams]

Does the rental company want to sell?

Depending on the size of the rental company they are usually pretty predictable. It boils down to their ROI as well as cash flow position.

If they are at the point where they want to sell it, you could have a golden opportunity to pick it up depending on the problems. I have invested in several houses B and no foundations issues typically run people off. Everyone is terrified. I have bought a couple with foundation problems and was able to buy at a deep discount. I sold them without problem after fixing the problem. It’s ll about liability and being able to pass along the house with a written guarantee.
I’m glad to answer any questions if you like.

 

[roscoe1911]

We bought the house we were renting 6 years ago, we paid for home inspection ourselves since the landlord was a cheap piece of trash. We've spent around $40K so far in repairs and upgrades and still have lots yet to do but I know what's been repaired and what needs to be

The buyer should always hire and pay the inspector. Think about the alternative.

 

[Sharpsburg]

Once the evictions and forclosures start again, there will be a flood of homes and prices will tank. I’d wait.

 

[WallsGa]

How old is the HVAC unit? The Roof? We had a nice little surprise when the A/C quit on us in July right after moving in. Nothing like dropping an additional 5k after all the moving expenses.

Also, check with @HKMurkure for a competitive loan. He rocks.

 

[Jopples]

The buyer should always hire and pay the inspector. Think about the alternative.

The landlord wanted $200k, we got it for $120k before the repairs

 

[gh1950]

But to answer your question...its a waste of money to inspect a property before there is an offer accepted. There is no point in spending money to look at something that wont be sold to u

We sold my mother's house with no contingency. You could inspect it all you wanted we weren't fixing a thing. No financing contingency, no "wait for me to sell my house" contingency.

Sold it in 4 days for cash, full price.

I have had to straighten out too many closings where the buyer makes an offer that is accepted, then uses it to chisel down the price through inspection issues.

I'm not saying everyone should do it. But there are circumstances where it's appropriate. One thing, making them get some skin in the game sure eliminates tire kickers.

 

[coolformula]

Lots of things to think about.

Foundation/Crawl space/water
Roof
HVAC
Hot water heater
etc

I have seen people pay under "book", but it had so many repairs then they were no better off, and then they had to manage the contractors while living in the space. Now if you can do 95% of the repairs yourself, then you have a leg up and as long as your time is "FREE", then you come get some equity if your willing to put in sweat equity.

A lot of people think later this year, housing prices will dip some. Their crazy high right now.