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Sherlock Home Inspections Blog

Feb 16

Written by: Ed Albrecht
2/16/2010 7:47 PM 

In this Las Vegas market everything we do as an inspector is leaning towards education (What is this property like, what condition is it in and what repairs will I have to do to make it habitable), rather than trying to help the buyer justify offering less on a property because of issues that are found. Basically, we are dealing with REO's (Bank Owned Real Estate) and homes are being sold AS IS. So the inspection a buyer is having performed is for their own knowledge, not for negoitation.

It was a different story before in the height of the frenzy in buying that you could ask an owner to take care of some issues. Today 99% of the properties are foreclosures and no one to talk to. Banks are taking as many offers as possible and according to agents I work with daily they are finding 20 to 25 offers on a property is not unusual. The Listing Price is typically bid UP and the home goes to the highest bidder usually. It is a frustrating occurence, putting an offer in and waiting 2-3 months to see if the offer is accepted.

Once the offer is accepted, that is where we as inspectors come in. We survey the condition, see what is functioning properly and what needs to be addressed. Typically the buyer has a clause in his/her contract (An Escape Clause) that the DEAL is based on the inspection. After the inspection is completed and everything that was discovered has been gone over, then the buyer can make an informed decision to continue with the purchase or explore other avenues.

We hope you find this blog interesting and educational and we invite you to let us at Sherlock Home Inspections Las Vegas know what you are interested in and we can address it for you. We can tell you this if your subject is beyond our scope, we will find the right person to address your question. Contact us through our website and thanks for your time.

Copyright ©2010 Ed Albrecht

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