Inspection of small apartment / Multi-Familu

[Gina Martin]

I have found an Investment property I am really interested in.  It has a single family home, a 4 plex, a 3 plex and a separate studio apt, all on the same lot.  It is all currently rented and appears to be in really good condition with many upgrades and improvements.   IT is however an older property, built between 1941-1960.   Do I make an offer and then add the language regarding passing inspection (as I will be getting financing for this property) and if so, is there a specific language I should use???  I will be talking with my agent as well, but I wanted to ask the experts on here as well.  Thanks..

[Steve Vaughan]

Most standard realtor-used Purchase and Sale Agreements (PSAs) are pre-printed for contingencies like inspections.  It may be an addendum, but it will be outlined with deadline dates and the right to conduct one.

Other common contingencies that are pre-printed are the contingency to first sell your home (if needed) and financing - how much down - at what rate and term.    

Here in WA multi-family property has a different PSA than a single-family home.  Your agent should know which one to use.  Hopefully your agent specializes in income property?  It is valued differently and in more ways than a house.

Hopefully your agent is from a different office/brokerage than the listing agent and they will truly work for you.  Sounds like an interesting property.  Please keep us posted @Gina Martin!