Powerful Lessons to Assure Your Success in Real Estate II

Lesson Two:

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.

Posted in  Blog, Education, Real Estate, Sam's Real Estate Club

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