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08-28-2018, 09:17 PM
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#12951 | | Hypa owned my ass at least once
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Originally Posted by Nabatron  T-minus 4 days before subjects are removed...one of their subjects was a home inspection and home insurance. Does anyone know what a home inspection requires? like what are they looking for ect...also subject to home insurance was a weird one. From what I recall wouldn't you get home insurance once u start living in the home? | While I agree with Hondaracer that those clauses are essentially a get out of jail free card, you'd also want to be mindful that buyers might use the home inspection as a tool to bargain your price down.
When this is done prior to subject removal, I see it as a legitimate bargaining tool. If there are issues that need to be addressed prior to signing a legally binding contract, price negotiations are entirely expected in any sort of business transaction. So in Nabatron's case, be mindful this might happen. I generally believe in the home inspector's professional ethics, so I wouldn't suggest the buyer and his home inspector are intentionally teaming up to pressure you into lowering your price.
On the other hand, my notary has told me of a few stories where the buyer has previously presented a subject-free offer, or an offer that does not include a home inspection. Then after the offer is accepted, the buyer requests for a home inspection, and the unsuspecting seller agrees to it. When the home inspection is finished, the buyer then uses the home inspection as a tool to pressure the seller into reducing his price. It doesn't matter that a binding contract has already been signed by both parties -- at that point, the unscrupulous buyer is really playing a mind game to pressure the seller to give in. It is true that the seller has a legally binding contract in his hands, and should the matter gets to the courts, the courts will obviously be on the seller's side. But the mind game is, if the seller already has the next property lined up for purchase, he likely can't / don't want to have his own property sale fall through, so his only option is to give in and agree to a price reduction.
I'm not suggesting Nabatron's buyer is going to do that. But there are unscrupulous people around, and you want to be aware of the possibility.
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08-28-2018, 09:28 PM
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#12952 | | Proud to be called a RS Regular!
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I don't think the question is the home inspection as that's normal but the home insurance subject which is different. I think it's just an extra protection for the buyer just in case their house sale falls through so they added a few subjects to protect themselves .
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08-29-2018, 08:50 AM
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#12953 | | My homepage has been set to RS
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Yeah the home inspection subject is one thing which I understand. But the subject to home insurance to me doesn't make sense. I guess as acurapinoy has said it could be an out. It doesn't make sense since you would get home insurance once you move in. Also for them to use home inspection to put pressure on us to sell or reduce our price they can fuck off with that lol...We already negotiated our price down and I wont be doing it even if the inspector said we had to fix some things.
Got news lastnight that the place we were looking at sold in west Kelowna for 36k below asking price on a brand new house. I was shocked and pissed lol. Going there this sat to check out some more places. I can see this as good and bad...the bad obviously the house we liked is sold but the good is the houses around it will most likely drop their price on there homes for sale.
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08-29-2018, 08:53 AM
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#12954 | | Proud to be called a RS Regular!
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Got a link for that sold home in Kelowna? Curious what it looks like etc
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08-29-2018, 08:54 AM
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#12955 | | Hypa owned my ass at least once
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I think mortgages require home insurance to be purchased? IIRC, it is part of the qualifying conditions, so maybe they are just including that in. Then again, it's more likely that is is just an extra clause to bail themselves out for free.
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08-29-2018, 09:38 AM
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#12956 | | I subscribe to Revscene
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I had a first time home buyer purchase our home and they had subject to home inspection. They spent $380 and basically only found 1 window screen not pulling up correctly on a 2002 townhouse. I know it's not a lot for one of the biggest purchases of your life but I think most people do inspections on newer units simply for peace of mind. My inspection the the 1960s detached home on the other hand.... 75pages long and got us an additional 15k off when I presented the deficiencies to the sellers. I even got a quote from a GC which helped with the negotiations prior to subject removal.
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08-29-2018, 09:44 AM
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#12957 | | My homepage has been set to RS
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Originally Posted by Acurapinoy Got a link for that sold home in Kelowna? Curious what it looks like etc | don't have the listing anymore on me phone since the ones that get sold somehow disappear from my email.
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08-29-2018, 09:47 AM
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#12958 | | My homepage has been set to RS
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Originally Posted by DA9ve I had a first time home buyer purchase our home and they had subject to home inspection. They spent $380 and basically only found 1 window screen not pulling up correctly on a 2002 townhouse. I know it's not a lot for one of the biggest purchases of your life but I think most people do inspections on newer units simply for peace of mind. My inspection the the 1960s detached home on the other hand.... 75pages long and got us an additional 15k off when I presented the deficiencies to the sellers. I even got a quote from a GC which helped with the negotiations prior to subject removal. | as in my case if the seller wanted to negotiate the price down because home inspector found something small with our place like you said maybe a screen not closing would we be able to say no to negotiating?
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08-29-2018, 09:54 AM
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#12959 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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Originally Posted by Nabatron as in my case if the seller wanted to negotiate the price down because home inspector found something small with our place like you said maybe a screen not closing would we be able to say no to negotiating? | That's up to you. Also I would ask what is the issue? I mean it could be something small and the buyers just want to force the price lower. Or it could be something big.
I am surprise the person who purchase my unit didn't do a home inspection even though the place is only a year old. Pretty much after I clean up and move I notice there are a lot of small things. Like stratch marks on the walls and some hardwood floor the color is off (I might have spill some cleaners on it and didn't clean it on time so now it looks like a different shade.) Small things I didn't know.
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08-29-2018, 10:01 AM
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#12960 | | My homepage has been set to RS
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^small things like that warrant the seller to fix? I thought it would be major things like if the foundation was messed up and was sinking lol but small minor things like screen not working properly wouldn't be a make or break a deal no?
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08-29-2018, 10:34 AM
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#12961 | | RS has made me the bitter person i am today!
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Just curious what was everyone's goals? When you were saving for your first downpayment? Did y'all put the money in? ETF/Stock/MutualFund/GIC/HISA?
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08-29-2018, 11:01 AM
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#12962 | | Hypa owned my ass at least once
Join Date: Aug 2007 Location: Paradise, BC
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Way back when I was young and naive, I thought my ultimate stretch goal was to have a house with a 6 car garage. At the time, the "attainable" goal seemed to be a house with a 3 - 4 car garage.
Now that reality has sunk in, I'd gladly take a house with a simple 2 car garage...  But even that is a stretch now...
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08-29-2018, 11:03 AM
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#12963 | | My homepage has been set to RS
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yeah ultimate goal is a detached home at a reasonable price with double car garage and back yard haha
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08-29-2018, 11:57 AM
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#12964 | | RS controls my life!
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Originally Posted by Gerbs How much are the 2Br at AcorN? | I believe the ones that qualify for a free Mini will at least be $750K for 850+ feet. Low rise woodframe built in 2020. PM me if you need more details
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08-29-2018, 11:59 AM
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#12965 | | I have named my kids VIC and VLS
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if anyone has a digitized version you guys should post up your inspection report
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08-29-2018, 01:07 PM
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#12966 | | My homepage has been set to RS
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not sure if they supposed to tell me when the home inspection is to be done but we have not heard anything on this. Subjects have to be removed by Saturday and realtor will be back into Canada later tonight and will know more about it.
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08-29-2018, 01:12 PM
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#12967 | | Proud to be called a RS Regular!
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I'm pretty sure they are supposed to coordinate with you with inspection to make sure the time and day works out fine.
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08-29-2018, 03:35 PM
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#12968 | | My homepage has been set to RS
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^yeah who knows if they are even fully interest now since it is weds and haven't heard anything. I mean I would assume they are interested but like others have said they could be possibly fucking around with the subjects thing. Obviously if subjects are not removed by Saturday then shit goes back on the market....
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08-29-2018, 03:47 PM
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#12969 | | I subscribe to Revscene
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Originally Posted by Nabatron ^yeah who knows if they are even fully interest now since it is weds and haven't heard anything. I mean I would assume they are interested but like others have said they could be possibly fucking around with the subjects thing. Obviously if subjects are not removed by Saturday then shit goes back on the market.... | from experience, almost all dealings (myself and others) wait until the last moment to finalize and remove subjects. i think it just gives that extra time to think about options should there be any before pulling the trigger. i do agree if someone really loves your place, they'll be pretty quick to pull the trigger.
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08-29-2018, 03:57 PM
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#12970 | | I contribute to threads in the offtopic forum
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Typically the buyer will not book an inspection until the financing is conditionally approved. There are rare instances they will waive inspection but I would have your realtor follow up with them for an update. They could be scrambling to find another lender to approve the loan. If that's the case, you can pry and gauge the buyer's ability to firm up on the deal.
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08-29-2018, 03:57 PM
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#12971 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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Originally Posted by DA9ve from experience, almost all dealings (myself and others) wait until the last moment to finalize and remove subjects. i think it just gives that extra time to think about options should there be any before pulling the trigger. i do agree if someone really loves your place, they'll be pretty quick to pull the trigger. | My realtor does the same thing! I offer counter offer and he suggest he won't submit it till is close to deadline.
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08-29-2018, 03:59 PM
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#12972 | | Everyone wants a piece of R S...
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When i bought my house I saw some of the issues but still put subject to home inspection and used it to gain some leverage in negotiations. I would of still bought the place regardless of how much they knocked off.
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08-29-2018, 08:28 PM
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#12973 | | I *heart* Revscene.net very Muchie
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Originally Posted by Nabatron no was just wondering what they even look for whether is appliances, flooring, washrooms don't really know what they are looking at lol....huge visible crack in the wall? shit like that I guess.. | Inspections for condos are usually 2 part. First part is building itself. They will check the envelope, roof, boiler, etc. Second part is the unit itself, such as electrical, water pressure, floor waves, water spots on ceilings, window frame sweating, fan suction, plumbing pipes toilet leaks, etc. Most inspectors will also run the washer/dryer/dishwasher and stove as an added service and also making sure plumbing is piped to code and electricals are wired properly by plugging in an adapter(forgot what its called) to cause a jump or arc to trigger the breaker switch.
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08-29-2018, 09:42 PM
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#12974 | | I WANT MY 10 YEARS BACK FROM RS.net!
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growing up I also wanted as many garages as possible, or at least a 2 car-detached with clearance for a hoist
several years ago I wanted a townhouse in Burnaby
now I pray to be able to afford a closet or a parking stall when I'm ready for kids  | |
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08-30-2018, 08:31 AM
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#12975 | | My homepage has been set to RS
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well got update their subject to financing is good to go and have home inspection coming in on Saturday the last day of subject to removals. Kind of made it last minute hoping this isn't some greasy tactic on their part.
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