Author Topic: Went through the process of house hunting/buying (Read 118173 times)

good sam · « **Reply #600 on:** July 14, 2020, 12:47:16 PM »

Quote from: CountValentine on July 14, 2020, 12:34:45 PM

Aren't homes sold on contingency anymore?

Yes, but the contingency is typically satisfied when the buyer gets a loan commitment, even if it's conditional and even if the lender does not fund for whatever reason.

CountValentine · « **Reply #601 on:** July 14, 2020, 12:52:09 PM »

Quote from: good sam on July 14, 2020, 12:47:16 PM

Yes, but the contingency is typically satisfied when the buyer gets a loan commitment, even if it's conditional and even if the lender does not fund for whatever reason.

Ouch, I guess times have changed. Contingent on you selling your home use to be common.

moko · « **Reply #602 on:** July 14, 2020, 01:07:14 PM »

Quote from: CountValentine on July 14, 2020, 12:52:09 PM

Ouch, I guess times have changed. Contingent on you selling your home use to be common.

depends on the market. In a strong sellers market almost all contingencies are waived, including home inspection. That's the way it was in BOS up until COVID19. Only contingency granted was mortgage contingency.

CountValentine · « **Reply #603 on:** July 14, 2020, 01:19:27 PM »

Quote from: moko on July 14, 2020, 01:07:14 PM

In a strong sellers market almost all contingencies are waived, including home inspection.

Would never agree to that.

Chapshnell · « **Reply #604 on:** July 14, 2020, 01:33:54 PM »

Quote from: CountValentine on July 14, 2020, 01:19:27 PM

Would never agree to that.

100% what kind of craziness is that?! You MUST have a house inspection. No point in buying a house that is falling apart. Sellers market or not.

Naftuli19 · « **Reply #605 on:** July 14, 2020, 01:40:55 PM »

Quote from: CountValentine on July 14, 2020, 01:19:27 PM

Would never agree to that.

+1

moko · « **Reply #606 on:** July 14, 2020, 01:42:28 PM »

Quote from: Chapshnell on July 14, 2020, 01:33:54 PM

100% what kind of craziness is that?! You MUST have a house inspection. No point in buying a house that is falling apart. Sellers market or not.

our seller allowed to to do an inspection before signing.
My understanding is that it's common in Boston.

coralsnake · « **Reply #607 on:** July 14, 2020, 01:42:32 PM »

Quote from: moko on July 14, 2020, 01:07:14 PM

depends on the market. In a strong sellers market almost all contingencies are waived, including home inspection. That's the way it was in BOS up until COVID19. Only contingency granted was mortgage contingency.

That doesn’t even make sense. Home inspection is before contract signing.

moko · « **Reply #608 on:** July 14, 2020, 01:44:15 PM »

Quote from: coralsnake on July 14, 2020, 01:42:32 PM

That doesn’t even make sense. Home inspection is before contract signing.

not in many cases. That's why you need a contingency.
If you already know the issues why would there need to be a contingency in the contract? You know what your getting into.

sguitarist18 · « **Reply #609 on:** July 14, 2020, 02:04:02 PM »

It would only make sense to waive the contingency if you'd be willing to buy the house regardless of any issues. Sometimes people are willing to do that, in an area where it's hard to find any house. Some can say they're interested in the house no matter what kind of repairs need to be done, including a total gut job.

moko · « **Reply #610 on:** July 14, 2020, 02:09:00 PM »

Quote from: sguitarist18 on July 14, 2020, 02:04:02 PM

It would only make sense to waive the contingency if you'd be willing to buy the house regardless of any issues. Sometimes people are willing to do that, in an area where it's hard to find any house. Some can say they're interested in the house no matter what kind of repairs need to be done, including a total gut job.

or if you did the inspection before signing

Chapshnell · « **Reply #611 on:** July 14, 2020, 02:38:38 PM »

Quote from: coralsnake on July 14, 2020, 01:42:32 PM

That doesn’t even make sense. Home inspection is before contract signing.

well not really.. I guess depends where

good sam · « **Reply #612 on:** July 15, 2020, 11:51:20 AM »

Quote from: Chapshnell on July 14, 2020, 02:38:38 PM

well not really.. I guess depends where

Correct. Very much depends on local custom. In NY it's almost always before contract. In NJ there is most always a contingency in the contract.

CountValentine · « **Reply #613 on:** July 15, 2020, 11:54:46 AM »

Quote from: good sam on July 15, 2020, 11:51:20 AM

Correct. Very much depends on local custom. In NY it's almost always before contract. In NJ there is most always a contingency in the contract.

If it is before the contract then who pays for it?

good sam · « **Reply #614 on:** July 15, 2020, 11:56:13 AM »

Quote from: CountValentine on July 15, 2020, 11:54:46 AM

If it is before the contract then who pays for it?

In NY and NJ the buyer always pays.

Naftuli19 · « **Reply #615 on:** July 15, 2020, 11:57:09 AM »

Quote from: CountValentine on July 15, 2020, 11:54:46 AM

If it is before the contract then who pays for it?

Buyer IME

CountValentine · « **Reply #616 on:** July 15, 2020, 11:58:14 AM »

Quote from: good sam on July 15, 2020, 11:56:13 AM

In NY and NJ the buyer always pays.

Non-starter for me.
I pay for home inspection.
They find things wrong.
Seller does not accept offer.
I don't think so.

Naftuli19 · « **Reply #617 on:** July 15, 2020, 12:00:52 PM »

Y would the seller pay for HI?

CountValentine · « **Reply #618 on:** July 15, 2020, 12:04:13 PM »

Quote from: Naftuli19 on July 15, 2020, 12:00:52 PM

Y would the seller pay for HI?

If it has to be done before the contract I am not wasting my money.
These things are all negotiable. If the seller is not willing to make a contingency for it that should tell you something.

coralsnake · « **Reply #619 on:** July 15, 2020, 12:24:56 PM »

Quote from: CountValentine on July 15, 2020, 12:04:13 PM

If it has to be done before the contract I am not wasting my money.
These things are all negotiable. If the seller is not willing to make a contingency for it that should tell you something.

If its not done before the contract you may be wasting a helluva lot more money than just the ~$500 HI fee...