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quote:
Originally posted by mella l
John in Hawaii what inspections do lending institutions require when making a loan for a residential property? Are contracts written for AS IS required to be paid fully in cash?
1. They do not require any kind of inspection, but the appraisers do not include anything that is not permitted in the appraisal.
2. Nope. AS-IS is just a notice to the Buyer that the Seller will not make any kind of repairs.
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John S. Rabi, GM,PB,ABR,CRB,CM,FHS
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Mella, yes there were several issues that came up in our inspection, I am not sure what you meant about later, as we had the whole thing done at once, the video was part of the inspection. I guess maybe you mean did we notice anything else ourselves later? The answer to that is no. It was fun though to go back to our house over and over on DVD while we were still on the mainland and the video helped us decide what furniture would go where etc. Even though the house was a completely new gut rehab there were still a few issues that the inspector thought he needed to note. About 20 things were listed (minor details really) and we elected to remedy most of them ourselves, two things were required by us for repairs by the sellers. Overall though, our inspector raved on and on about the quality of workmanship etc. while showing details on the DVD.
I have bought a lot of homes over the years and I have never bought(or sold) a house without an independent inspector (even a nearly new one under $100,000 in 1975!) and did not think anyone did, especially these days. Any realtor with credibility would at least suggest an inspection. It only costs a few hundred dollars and can save a lot of heartache in the end. For instance a good inspector would have seen the refacing on Carrie's foundation and would have also checked to see that the foundation was level, one of the many things they check for is settling. Our inspection was almost two hours long.
Aloha au i Hawai`i,
devany
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Wow that is incredible, I thought there would be inspection requirements much like collateral for the loan. It is a wonder that there are no requirements for any type of inspection.
mella l
mella l
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You would be surprised to know how many buyers are trying to save a few hundred bucks and do the "inspection" by themselves! All clients represented by our company are required to have an inspection done by a certified inspector, or sign a waiver acknowledging that they were advised to have an inspection done.
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
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carrie: the referal i gave you, did you go for a consultation? would they not even look at your case? do they require a retainer? if so, could the other homeowners with similar problems/experiences help with funds?
"a great many people think they are thinking when they are merely rearranging their prejudices."
w. james
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quote:
Originally posted by Devany...For instance a good inspector would have seen the refacing on Carrie's foundation and would have also checked to see that the foundation was level, one of the many things they check for is settling. Our inspection was almost two hours long.
Having seen her issue in person, and knowing that it took almost two hours just to measure the elevation shift, there is a low probability that the inspector would have caught the change in two hours with all the rest of the inspection of the home. Today in its current condition there is almost no way an inspector would miss it.
As for resurfacing the sides of the slab, some people do this as a cosmetic fix before they repaint. It does not most times indicate an issue of a structural nature.
I am also going to say your inspection probably ran more than normal if the inspector made a video for you. or business is bad and they are trying to get more clients. The video is a great idea as a tool for the new home owner.
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John, that is also the way Wes operates with his clients.
quote:
Originally posted by John S. Rabi
You would be surprised to know how many buyers are trying to save a few hundred bucks and do the "inspection" by themselves! All clients represented by our company are required to have an inspection done by a certified inspector, or sign a waiver acknowledging that they were advised to have an inspection done.
Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
808.327.3185
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
Aloha au i Hawai`i,
devany
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aloha carrie, sorry about your problems...mella was right judgements are one thing and collecting is another thing...its a lengthy process that i had to go through with a foreclosure i was going through...the judgement was very lengthy and expensive and then collecting was another event another process which i never did go through with...although your issue is alot larger in value than mine.
its a good thing that you are considering all these options...and time is also of the essence...
best
noel
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Carrie,
I was thinking, oops. If you have a conventional loan on the house, perhaps the bank may be able to help. After all, they could be considered an 80% partner in the house.
Dan
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They only told us that the value will decrease AND oh yah - they would be willing to give us a low interest loan if we need it to fix the damage...haa haaa
Carrie
"The world is changed. I feel it in the water. I feel it in the earth. I smell it in the air. Much that once was is lost, for none now live who remember it." Galadriel - LOTR
Carrie Rojo
"Even the smallest person can change the course of the future..." Galadriel LOTR
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