Moving Money Quickly

[travelover]

OP here. I’m buying in the greater Portland market and it is still pretty crazy. The house I bought was on the market for two days and had four offers, all more than asking. My bid was the second highest, but I edged out the high bidder by offering cash and a rapid close date.

 

[Jerry1]

OP here. I’m buying in the greater Portland market and it is still pretty crazy. The house I bought was on the market for two days and had four offers, all more than asking. My bid was the second highest, but I edged out the high bidder by offering cash and a rapid close date.

Yes, it's unfortunate that a heated market limits the ability of a buyer to have a good inspection. If you're not ready with professionals like Yarnstomer said. As has been said, inspectors have so many out clauses, they are basically worthless. In my limited experience, the inspectors missed a very significant issue. The plumbing was leaking in the wall behind the cabinet in the kitchen. I didn't really give a care because I knew I was going to gut the house, but had the inspector found that problem, I could have been in a better negotiating position. When the contractor came in to start the demo, he knew what he would find the minute he opened up the cabinet door and smelled the mustiness.

Conversely, I bought a foreclosure as is. I inspected it with a friend before I made the offer, but did not have a formal inspection. I've owned that house for 5 years and have had no surprises. Didn't gut that house, but knew I'd fix a few things and my only concern were safety issues so we had a furnace guy come in and evaluate the furnace and water heater (both gas).

I wish I wouldn't have trusted the "professional" home inspector, who, by the way, was recommended by the agent. Imagine that. Of course he did find a wire to an outside light fixture that was spliced and taped instead of being put in a junction box. I guess he had to find something to earn his $500.

 

[Finance Dave]

Real estate agent has some guys who can do the inspections quick - house, well and septic. Place looks pretty well cared for so I'm not too concerned

Agent warned us about these scams. I'll exercise extra caution.

Hope all goes well...I saw this too late to help you out. I am a licensed home inspector and cringe when people say things like the bolded statement above. 80% of the issues I find in houses are not things you can "see" walking through a house. "Cared for" is what people see walking through the living space, but most issues are in areas you can't see, such as roof, attic, crawlspace, or mechanical systems that you can only see by removing panels and so on.

Hope all goes well for you.

 

[travelover]

Hope all goes well...I saw this too late to help you out. I am a licensed home inspector and cringe when people say things like the bolded statement above. 80% of the issues I find in houses are not things you can "see" walking through a house. "Cared for" is what people see walking through the living space, but most issues are in areas you can't see, such as roof, attic, crawlspace, or mechanical systems that you can only see by removing panels and so on.



Hope all goes well for you.

I’m no Pollyanna. Yesterday, I got the inspector’s report and he found a number of items like torn off insulation and loose heat ducts in the crawl space. Biggest issue is a Federal Pacific load center that should be swapped out. From reading the report, he seemed to be quite thorough.

 

[Finance Dave]

I’m no Pollyanna. Yesterday, I got the inspector’s report and he found a number of items like torn off insulation and loose heat ducts in the crawl space. Biggest issue is a Federal Pacific load center that should be swapped out. From reading the report, he seemed to be quite thorough.

Great. Yes I see about one of those FedPac panels each month, and we always recommend replacement. Typical cost to do that around here is about $1,200...although that will certainly vary based on where you are in the country.

Enjoy the new house!