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Updated about 4 years ago on .

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Doug Connell
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4
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What if I can't get a property inspection done before the snow?

Doug Connell
Posted

Greetings! We're under contract to purchase a seasonal lodge w/rental cabins, a restaurant, gift shop, etc. We'll be fortunate to get the appraiser up there this week. It'll be inaccessible soon. The current owner has already winterized and utilities are cut off. Should we pay for a property inspection now (about $4K for everything they're able to do without utilities) OR should we address the inspection in early May, when we take possession?

We're scheduled to close in February. We know the property and have taken a tour recently (August). Additionally, the owner has already offered to:

  • - to stay in town and help us learn,
  • - to pay the salaries of two key employees the first summer we take over (2021), and
  • - to owner finance a good portion of the purchase price (and offer really reasonable terms).

Additionally, they turned over credit card statements for the last 5 years, and hosted us in their home for about 36 hours of intense due diligence, Q&A, etc.

The point is: should we pay for a partial property inspection now, or come up with some new wording in an addendum to the contract that says we'll do a property inspection in May and are requesting that seller set aside up to $_____ for repairs (which would be negotiated)? Regardless, this first summer - especially - he'll be helping me with repairs that come up.


Thanks in advance for your insight, expertise, and/or opinion!