Question for those who have bought preowned
 

We are putting a mortgage on our house here in alabama to buy a home down there. The mortgage is going to take 2-3 weeks but we are being rushed into having a home inspection by an inspector suggested by the villages realtor. Why would they put in the contract that we have to get the inspection within 10 days when they know we won't have our mortgage secured by then? If something falls through on the mortgage, I obviously don't want to pay for an inspection on a home I'm not buying. I also don't know if I should trust an inspector that was lined up by the villages realtor.
Any words of wisdom for me?

Is the inspection required in order to secure the mortgage?

Make sure you have the mortgage on your home first. Sometimes the realtor gives wrong advice/information. They should know if a buying doesn't have their finances/equity loan set in place, that they have no right telling them to have a inspection done in 10 days.

I bought a pre-owned home also but.....the Villages never told me who I have to get for an inspection. I had a choice of about 9. I was very happy.

Inspections are usually done early on in the process so if any issues arise they can be negotiated or repaired or you may decide you don't want the house after all if something big came up. This way the deal falls apart sooner rather than later and the seller can move on to the next buyer and so can you. You could ask the Village salesperson for 3 names to choose from as far as an inspection so you feel more comfortable.

Are you talking about a Villages sales rep or an MLS agent from The Villages area?

We recently purchased a resale and used Harwood Inspection Services and were very pleased with his services and the time he spent on our home. He was very thorough and took pictures of all areas of our home and placed the pictures in his report.

352-638-6288

You might want to contact faithfulfrank, a TOTV member and advertiser:

https://www.talkofthevillages.com/fo...ections-62606/

Bill :)

BettyCrocked,

I am not licensed in Florida but in Georgia the standard due diligence period is ten days during which time you have the right to cancel the deal for any reason. Having the inspection within that time frame obviously gives you time to do your inspections and renegotiate for any repairs, etc.

Did you write the purchase contract on your TV house with a contingency based on your securing a mortgage on your Alabama house? Maybe your Realtor can add an amendment to that effect. If you do not inspect, negotiate, terminate, etc. within the ten days you will be obligated to close on the TV house regardless.

You are correct in that the inspector works in your best interest and should be someone you select. Have your Realtor give you three or four names to choose from as someone else suggested. Good luck.

Why did you sign the contact as it was written? You should have revised and or deleted the home inspection clause.

Where I live, its illegal for a realtor to suggest a home inspector. I would hire my own and get an honest inspection that way.

If you can't trust YOUR Realtor in a real estate transaction, who can you trust?

If it is a Villages real estate agent, then that agent is not a "Realtor". Also unless you have a specific contract that says the agent represents your interests only, then that agent represents the seller. Also, in this day and age that has seen an absolute erosion of ethics, you should never enter into a real estate transaction without legal representation.

Well...
 

Let's don't scare everyone! This may be true of Villages salespersons but not necessarily so if you have an outside MLS agent. Unless the listing agent of a property is showing you a house then they would be representing you as a buyer. a) Most brokerages don't allow dual agency and b) Yes, buyers should sign a Buyer's Brokerage Agreement with their agent and his/her broker.

Lack of ethics? Ouch!

Contracts for pre-owned homes are negotiable. If you haven't signed the contract negotiate a different timeframe. If you have signed then you are most likely stuck with the timeframe you agreed to, shame on you for not reading the contract before signing