We are looking for a home and have found one that seems to be a foreclosure. We cannot tell if the furnace & central air unit work or if the electricity and water system is sound. Everything else seems to be cosmetic (just paint and new carpet). The agent doesn't know anything about the property or doesn't want to say what he does know. How can I go about getting more information in order to make a smart decision ?
2006-11-16 16:35:11 · 9 answers · asked by Amy R 1 in Business & Finance ➔ Renting & Real Estate
You can make a conditional offer. Your own agent should know this. The offer is only valid on the condition that the property passes inspection. You can make an offer and they are REQUIRED to have the utilities turned on for inspection purposes. Make sure you only give them 14 days in which to do this or they will drag their feet. If they offer you the results of an inspection that they supposedly had done already... RUN!
If your agent doesn't know how to do this, get another agent fast!
2006-11-16 16:42:53 · answer #1 · answered by blazenphoenix 4 · 1⤊ 0⤋
"Turn on utilities prior to placing a bid.." If both the seller and the listing agent were dropped repeatedly on their heads as children, they might let you do that.
Other than that, I would not expect that the utilities are going to get turned on prior to an accepted contract. On most foreclosures, that will be stipulated in the bank addenda or in the contract. On HUD houses, the winning bidder must request in writing, permission to turn on the utilities in the buyer's name. Buyer's agent signs, being responsible for all kinds of stuff that could go wrong, and the utilities can only be on about two days total, so line up the inspector.
In Texas, there is a requirement for sellers of real property to disclose certain conditions and defects. There are 11 exceptions to this, and foreclosures is one of them, so the listing agent isn't going to tell you anything. I do hope you're being represented by a buyer's agent.
On foreclosures, I'll check the MLS history of the house. Sometimes, it got sold in the last year or two (often on lease to own, contract for deed, etc - NEVER DO THAT!!!) and I can pick up some information for my buyer from the prior listing, but really, the best bet is the inspection once it's under contract.
In Texas, the seller is required to give you access for an inspection once the house is under contract, but they also have the right to board up all the windows and lock the doors and not allow you in until it is under contract.
Lastly, there are varying degrees of options once you find something wrong in the inspection. Read the addenda carefully to make sure there is enough of an "out" to satisfy you. Buying foreclosures carry some risk of surprise repairs later.
2006-11-16 17:16:07 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
only questioning why you would contain an criminal professional contained in the first position? also, you state the agent is your agent. Do you've a freelance to that result. usually, authentic property brokers artwork for the broker, when you consider that that is the position their fee comes from. back the inspection, you should offer absolutely everyone in contact a replica of the inspection. If there are severe issues and also you and the broker can't artwork some thing out, with giving them the inspection, they are required through regulation to educate the topic matters from that factor ahead. this can encourage the broker to accomidate you, who he has a freelance with, then attempting to get some different person to make an provide after disclosing the topic matters.
2016-11-24 23:54:39 · answer #3 · answered by holguin 4 · 0⤊ 0⤋
well in any case if the house is on the market the utilities,i.e- electric, water, and gas are to be on so that potential buyers can do a check on it themselves. or if you want to when buying a house there is an option to have the house inspected by a professional. if you feel you know enough to make this inspection yourself then you can opt out of the inspection. but in any case if the house is on the market then the utilities are supposed to be on. they were when i looked at my house before i bought it 2 years ago. and i had to pay for what utilities were used during the time it was on the market till the time i bought the house. it was included in my home loan closeing costs and such. good luck
2006-11-16 16:44:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Call the utility company. They have a one day service fee where they will turn on electricity for one day so you can inspect the property (at least they do in Southern California).
I buy foreclosures and have inspections done.
Regards
2006-11-16 20:39:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
A good inspector can get around most of this problem. If the house has power off at the street and has been winterized you'll have a little more troible evaluating the house. Base your bid on doing repairs to the parts of the systems you can't fully test.
2006-11-16 16:46:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes I would say so, and if they wont. You should see if the existing owners will. IF they have something to hide. If they will not you do not want to Do not sighn a contract. I know my contract before we purchased our home stated it was in working manner. As most do u will know if its safe or not they will do what it takes to sell. Unless they are hideing things. Good luck.
2006-11-16 16:48:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋
See the answer from blazenpho. My thoughts exactly.
2006-11-17 01:19:08 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Unfortunately - with forclosures - it's usually "buyer beware!" You can ask - but it's unlikely they will do it.
2006-11-16 16:46:25 · answer #9 · answered by liddabet 6 · 0⤊ 0⤋