7 Day Inspection Period yes or no

[Corey Kenney]

The property I have an offer in for just countered back changing my 14 day inspection to seven days. My concern is that the reputable companies I called all said that they are booked out a week. This particular property is a 1930 4/3 2500sqft farm style home, That has a septic system and powerlines that are hanging down in the yard that connect to the street. There are also large barn and storage structures on the rear of the property that could cause an issue if they are not structurally sound and I don’t know if a general home inspection would give me all the answers that I need in that short period of time. Obviously i have an inspection contingency but I don’t want to make a poor decision because I feel rushed from the bank. I am assuming the power will not be restored in time for me to have the property inspected 100% and I don’t know how I feel about that, given what I saw at the panel and knowing that it’s not up to code. The offer they countered was at 80k purchase price and comparative sales are a little challenging because most of the home this size in that area are either newer homes or they don’t have almost 2 acres like mine but the target seems to be around 275 hopefully to move it quickly or I might even have to bring it down to 260. I am just afraid that if I need to put a new roof on and new wiring and install an Ac system and Duct work that it’s not going to leave much for everything else. I wanted to keep my renovation closer to 100k and was willing to go to 120 and be all in at 200 knowing that I still have to pay the lender and holding costs. I guess I will just have to pay the 1200 for the inspections and see what they say and go from there. Hopefully my barn and storage buildings bring value but I fear I am marketing to a smaller niche of people being it’s only 2 acres. People who want a farm home that actually own farm equipment or have animals but not too much. Or maybe I just knock it down. So many variables.. thanks

[Marcus Auerbach]

@Corey Kenney 7 days is unreasonable for inspection, we do 10 days if we are agressive and it's a simple property, 14 days are standard. For me it's a little easier, because after ten years of rehabs I find most concerns before we write the offer - hint, spend some time to find an agent who knows more than you do. Also, make sure you do NOT give the right to cure defects, so you can actually walk from the inspection. Obviousley they have no other offer, so they either going to have to live with your terms or just not have an offer!