Should I get my short sale re-inspected?

Should I get my short sale re-inspected?

Should I get my short sale re-inspected? I would say my answer to that is probably yes, depending on how much time has elapsed. I was talking to a new home owner last week. He purchased a short sale and the period between the home inspection and the closing of the short sale was nine months. The Seller continued to live in the house.

When he took possession of the home, it was apparent that no maintenance and very little cleaning had been done during that period. The carpets were very dirty, the furnace did not work, pipes had frozen and burst causing water damage in the bathroom and garage, all the rooms needed painting along with a good cleaning, and a wind storm had damaged the roof, which had not been repaired and damaged the ceilings inside the house. None of these issues were present during the home inspection. His good deal, turned out to be not so good.

Short sales are not for the faint of heart and have unique issues. One of them is the length of time to complete the transaction. To protect yourself from the above scenario, write in your offer that a re-inspection will be necessary after a certain amount of time has elapsed, or that before closing a walk through is necessary and the house needs to be in the same condition as it was at the time of inspection. Banks insist that you buy the home in “as is” condition, but you should have the opportunity to amend the deal if the condition of the house changes substantially. You can find some very good housing deals when buying a foreclosure, but you need to be aware of the steps to take to protect yourself.

To help you in understanding short sales, plese read What is a short sale?

Wayne B. Pruner is a Realtor® at Oregon First, who works in the Tigard, Oregon area. I have extensive knowledge and experience in the Tigard area and I am ready to help you with all your real estate needs. I am also a licensed Oregon contractor with considerable experience remodeling and repairing homes. Wayne knows houses! I can help you save money on any home you  buy or sell. My phone number is 503-891-0795 and my email is  waynepruner@oregonfirst.com

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