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Updated over 5 years ago on . Most recent reply

Account Closed
  • Investor
  • Excelsior, MN
37
Votes |
85
Posts

Purchasing inspection after previous buyer backed out?

Account Closed
  • Investor
  • Excelsior, MN
Posted

So I am not totally sure if this is way out in left field but has anyone ever purchased an inspection from someone who backed out of a deal due to inspection contingency?  My thoughts are that it would be a way for the initial person to recover a few $$ of the inspection cost and it would allow me to put my best foot forward in negotiations.  I would already know what is going on with the house and could eliminate that contingency from my offer to make it appear "stronger" to the seller.

Thoughts?  How would I go about doing this?  Is it just simply a matter of reaching out to the buying agent?

Thanks for the help!! 

Most Popular Reply

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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
1,389
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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
Replied

 In theory, any defect uncovered in an inspection from somebody who backed out is now a material fact that the agent and owner know about and would thus would be legally obligated to disclose to all future buyers. In practice this rarely happens, though.

 Who says that the inspection has uncovered any material problems?  The buyer could have had another issue and wanted to back out.  

I sell my houses waiving all disclosures.  I do this because they are investments and I do not know as much about the house as someone who would occupy the house on a full time basis.  That just means the buyer will likely get an inspection because I am not claiming anything works.

I have had a person back out of purchasing a house after an inspection and they didn't want to give me the inspection report, said they would sell it to me.  This was 10 years ago and my realtor didn't say anything about them having to pass it over and of course I didn't buy it.

If the inspection uncovers a problem that makes the Disclosure Statement incorrect you likely have an obligation to disclose the information or correct your written disclosure statement.  Requiring someone to pass on an inspection report seems ridiculous.

  • John Woodrich
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