Should you get a pre-inspection before putting in an offer?

Question

Have you ever been encouraged to have a pre-inspection as part of your offer on a multifamily property? I was urged to do so since the competition is fierce and having the pre-inspection would make my offer stand out amongst the rest. However, pre-inspections are not cheap and I couldn't image doing one for each and every offer.

Anyone have thoughts on this?

Peter Mckernan · Answer

@Alana Bates I would refrain from doing a pre-inspection, even with harder than normal competition, the pre-inspection will take time, money and may disinterest the seller due to you asking for this while the competition is not asking to perform it.

This is not the same as getting upfront leases, pro-forma, or any other information the owner would be willing to provide prior to opening escrow. Some owners are more open for providing this information than other owners.

Alana Bates · Answer

@Cody Neumann thanks! That's what I thought but couldn't be sure since this is my first property I've ever purchased. I don't have a huge budget for rehab (~$10K) so I would prefer a turnkey property.

Cody Neumann · Answer

@Alana Bates as a realtor I personally wouldn’t advise a client to get a pre inspection. Sure you could have a better chance of getting your offer accepted but it’s still not a guarantee so you could just end up short that inspection fee without actually buying the deal. Do you plan to rehab the property or is it a turnkey investment?