Real Estate Crash thread

[dan_pdx]

750? wow

500 seemed to be standard for a while, and the newer inspectors were even offering RE agents discounts to build their client bases.

Yeah, there are bells and whistles now. This guy was licensed to do the sewer scope and offered an infrared camera scan of the electrical panel and presumably exterior if it wasn't mid-summer. Both of those were add-ons, but since we were splitting it, we opted in, and the total sticker was like $800, which we split 2 ways.

That home inspector said that he had never had a real estate agent recommend him to their buyers more than a handful of times because his inspections were too thorough, but he often had RE agents who wouldn't recommend him to their clients send their family members to him to get inspections. Couldn't get a better recommendation than that, right?

[Ted Striker]

Yeah, that's definitely over and above the typical "just what I can see" reports.

The last sewer cam I had done cost a couple hundred, and they didn't even record it. And as an FYI, sewer line replacement is 100% on the homeowner here.

[climberevan]

I'm doing a small addition in Minden right now. The clients bought the house last year and had an inspection that didn't note anything serious.

This picture was taken just inside of the attic access door, so it's very easily accessed. I'm not sure how much they paid for the " inspection", but $20 would have been too much.

[skaredshtles]

I'm doing a small addition in Minden right now. The clients bought the house last year and had an inspection that didn't note anything serious.

This picture was taken just inside of the attic access door, so it's very easily accessed. I'm not sure how much they paid for the " inspection", but $20 would have been too much.

Man... half-assed electrical work really pisses me off.

[Ted Striker]

I guess staples and a few boxes would've been over budget.

[Skeeze]

With all this talk about inspections and whether you can trust them, I have to give a shameless plug for https://hippoinspectionprotection.com/ -- new product that my company introduced this month.

Designed to work with both seller pre-listing inspections and standard buyer inspections. Unfortunately not yet available in CA or WA given how long it takes to get anything licensed there, but we're in 20+ states currently, including CO, NM, AZ, and TX, and will get to all of them soon enough. PM me if interested about learning more; despite my obvious bias, I think it's a pretty great, innovative product.

[ötzi]

Just looked at it ^^ briefly but that does look like a good product, depending on what it costs, of course.

[Toadman]

I guess staples and a few boxes would've been over budget.

Not to mention some electrical tape.

[Bunion 2020]

That doesn't even qualify as 1/2 assed.

[Core Shot]

1/4 assed?

We need better lexicon

[m2711c]

metric assed?

[Core Shot]

Well, a metric shit ton of ass is a lot of ass

[schuss]

Home inspectors can be good, but you have to find them and pay them. I paid ~800 for mine 7 years ago, but he helped us avoid a place that had shitty quality work and blown window seals. Each time it was 3+ hours of hitting every book and cranny as well as a 50-80 page report with pictures and thermo camera stuff.

[goldenboy]

This new shit is like going on price is right and offering a dollar more.

Total dick move imho
Ymmv

The escalation clauses work well in many circumstances, however. The real dick move would be for the seller to look at the escalation that says "up to $X" and simply counter at X, regardless of any other offers. I mean, the buyer just played their hand and said what they're willing to pay X, so make them pay it.

[sirbumpsalot]

The escalation clauses work well in many circumstances, however. The real dick move would be for the seller to look at the escalation that says "up to $X" and simply counter at X, regardless of any other offers. I mean, the buyer just played their hand and said what they're willing to pay X, so make them pay it.

Depends on your angle....as a seller I would look at your escalation clause and your max $ and think its a dick move that you think my house is worth that much and are willing to give it to me...but will try to give me less UNLESS someone else wants it too.

Its all part of the negotiation process....dicks moves and all.

[MontuckyFried]

Home inspectors can be good, but you have to find them and pay them. I paid ~800 for mine 7 years ago, but he helped us avoid a place that had shitty quality work and blown window seals. Each time it was 3+ hours of hitting every book and cranny as well as a 50-80 page report with pictures and thermo camera stuff.

Ah, yes. Those were the days. When buyers actually care about inspections and sellers were motivated to address the items found. Now in a world of no inspections or contingencies, not sure how much this formerly solid advice still applies. Haha. Don't get me wrong tho. I wouldn't play that game no matter what. Get the inspection. If seller says no dice, then RUN.

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[goldenboy]

^^ Fair point I suppose. (sirbumpsalot)

[dan_pdx]

Ah, yes. Those were the days. When buyers actually care about inspections and sellers were motivated to address the items found. Now in a world of no inspections or contingencies, not sure how much this formerly solid advice still applies. Haha. Don't get me wrong tho. I wouldn't play that game no matter what. Get the inspection. If seller says no dice, then RUN.

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Yeah, I think an inspection is still 100% worthwhile. We walked based on our inspection because he found (big ticket items only) the plumbing was 70 years old and and at end of life / in need of replacement, a lot of dodgy electrical issues, and a buried oil tank. We knew the seller wouldn't address any issues we uncovered, but it was great to have that info so we knew to GTFO.

[Ted Striker]

...he helped us avoid a place that had shitty quality work and blown window seals. Each time it was 3+ hours of hitting every book and cranny as well as a 50-80 page report with pictures and thermo camera stuff.

That was the "insurance policy or lottery ticket" I was talking about. And 50-80 pages? Wow. That guy was earning his money!

[liv2ski]

I have had good luck in the past with the inspection process (not in a crazy market like now) in getting the sellers to either repair important stuff or reduce the price due to what we both knew needed to be done. Vibes to the buyers today. These days every time I close a purchase I shake my head by how bent the buyer was in the deal.

[JayPowHound]

We bought this place in 2015. Built in 1846 so obviously a full inspection.

Barn/garage was listed and sold "as is" but the inspector let us know the concerns and what needed to be done.

Already had a new roof and updated kitchen/plumbing, but thanks to the inspection we had the seller replace all the knob and tube elec before we signed anything, along with a few other odds and ends.

Got a great house for a good price.

I feel for anyone who "has to" / is trying to buy right now.

Could I sell now for >250k in market inflated equity? Absolutely.

Would I have anywhere to go? Nope.

Staying put, things are bound to even out eventually.

Again, sucks to be a buyer right now. Sympathizing with anyone who finds themselves in that position.

[Obstruction]

Ah, yes. Those were the days. When buyers actually care about inspections and sellers were motivated to address the items found. Now in a world of no inspections or contingencies, not sure how much this formerly solid advice still applies. Haha. Don't get me wrong tho. I wouldn't play that game no matter what. Get the inspection. If seller says no dice, then RUN.

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I don’t get how people can’t part with 7 figure money for a house with no inspection but that’s how it goes in metro Boston now. We just sold our 140 year old home about 2 months ago. 4 days on the market - 8 offers over asking no contingencies - including home inspection - with a 2 month lease back at a monthly rent of half the buyers new mortgage payment. Buyers came in with a home inspector after closing.

[Self Jupiter]

And 50-80 pages? Wow. That guy was earning his money!

That’s the typical size for a home inspection on an American Society of Home Inspectors report here in MA, ~70-90 pages is normal. Most of it is boilerplate and/or CYA legalese language with some notes and photos that have been inputted by the home inspector.

[Ted Striker]

The last few I looked at were ~35 pages.

[Self Jupiter]

Which is what most buyers would prefer. Massachusetts has a litigious real estate culture.