Monday, August 12, 2013

More More More on Home Inspections, Rookies!

Dear Captain,

We just got a screaming good deal on a new house, but now it's time for the home inspection. Is this just a routine thing? What if the inspector finds something that needs to be fixed and we can't afford it? How do you know if the needed repairs are something the seller is supposed to take care of? Also, our real estate broker said something about FHA inspectors and homes getting rejections based on home inspections. What's this all about? Can you help?


My Rookie Friends,

Buying a home can be quite enjoying
But when something goes wrong, it gets quite annoying,
Especially when you pay for a home inspection
And everything goes in the wrong damn direction.
Is there mold? Are there leaks? Does the furnace not work?
When you turn on the light, does it zap, twist and jerk?
Who is that cretin who sold you the house?
Boil him and sue him, that miserable louse!

But all is not lost when you find something wrong.
It may be something they knew all along,
Sellers are nice, by and large, just like you,
They don't go out looking for people to screw.
Years ago something broke and they thought "What the heck!
I just got laid off and I can't write a check,"
Maybe their builder ran lickety split
When the inspector told him to go get a permit.

These kinds of things happen. So what's to be done,
Especially when underwriting's begun?
Closing is coming! You've cancelled your lease!
The tension is mounting! Can you just find some peace?
Probably yes, with this one little task:
Decide what you want, and then: Just ask.

Ask them to fix the leak in the sink,
Remove the dead critter that's starting to stink.

Window sills etched with water and stains:
Could they be archaeological remains
Of failed seals from a long time ago,
Or a window left open? You just never know.

Ask about stuff that doesn't look right,
Ask them to fix it. You know, they just might.
And if they refuse for whatever reason,
Don't give up on a chance for cohesion.
After all, the seller can lower the price
To pay for repairs, enough to suffice.

FHA loans have no flexibility.
All their repairs must be done unequivocally
Before escrow closes. So no issues there,
Sellers must fix each FHA repair
Which, truth be told, all deal with life safety.
Straightforward stuff, not Wayne Manor stately. (OMG, did I really do that one?)

Repairs and fixes don't have to be formal.
Making adjustments should be fairly normal
For buyer and seller, since both have a stake
In writing it down with fair give and take.

Questions? Ask The Captain!