Powerful Lessons to Assure Your Success in Real Estate II
Did You Properly Inspect Your Property?
When you're under contract to buy a house or other types of improvements like units, shopping center, etc., be sure to do a complete inspection by professionals you trust. In addition to foundation/structural issues, roof, plumbing and termite are the most costly to repair. While the first three maybe easier to discover, termite problems are often hidden. Find a top notch termite inspector from a reputable company to go through the building with a fine tooth comb! Repairing termite damage is typically seller's responsibility unless you agreed otherwise. Even if seller wants to use his own company, I would still use my own inspector and pay for it out of my pocket to avoid any oversight, intentional or unintentional. As an example, one apartment building I am buying looked really good all the way around. The seller insisted on using his termite inspector when we were negotiating terms of purchase in the beginning. I agreed so I could get it under contract, but later I informed the agent I'd be using my own termite inspector. She informed me that the seller won't pay for it, to which I agreed. Not surprisingly, we discovered massive amounts of hidden problems with the cost of repairs exceeding $50k! Do you think that the seller's inspector would have been so conscientious?
Protect your investment. Perform your own due diligence by the best in business.