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After Thoughts ...

Posted by Jay J -Moderator on October 11th, 2000 05:52 PM
In reply to Rotten Situation by Derek on October 10th, 2000 09:13 PM [Go to top of thread]

Hi Derek,

'bc' is right. If you had a Real Estate Attorney, this is a good time to ctc him/her. If not (I strongly suggest you 'retain' one for your next home-buying process, and) hire such an attorney now. You will end up paying a Retainer. (If you had one for closing, you may not have to pay a retainer.)

Anyways, for your benefit, and the benefit of others, no one is born knowing all the 'angles' of the home buying process. One either learns it via Home Buying Seminars (offered through banks and mortgage institutions) or through personal experience. I had the fortune of learing a lot under conditions of the former manner. One of the things stressed a lot in the Seminar is that unless you hire or retain your 'own people' during this process, chances are that the people involved benefit the seller, the Institution(s) involved, or someone else.

Hiring your OWN ASHI-Approved Home Inspector is, apparently, considered a good start. 1) You hire your OWN inspector, and 2) an ASHI Inspector has to meet certain accreditations and ethical standards. This NOT to imply that all non-ASHI inspectors are 'bad'. I simply implies that you are getting at least 'something' you can count on. And if it doesn't work out for you, you have recourse. (I can't say if you do or don't in your situation.) Also, hiring your OWN Real Estate Attorney is prudent too. If you think about this for a moment, ask yourself why the Loaning Institution has a lawyer look over the 'papers' in a Sale when they are in the business of making loans all the time? Well, it' simple - They want to be sure THEIR interests are preserved. That's why they do an Appraisal, that's why they check your credit report, and that's why they make sure you're not buying a house that they have to foreclose on in short-order. Oh, and today, too many people are becoming Home Inspectors in the Study-at-home Classes. On the surface, this would seem dangerous for a buyer to have 'just anybody' be their home inspector. To take these classes, you DON'T have to have experience in the construction trade(s) ...

I know this sounds harsh after-the-fact but for your benefit, and that of others that may use this info, I find it worthy of note. You know, welcome to the club! You're certainly not the first person that's been in this type of situation, and certainly you won't be the last. It's NOT an exclusive club.

IF you had an ASHI-Approved Inspector and you had a Real Estate Attorney, then you're in a better situation then I'm envisioning. Certainly, if you need more help or info, there are people on the Forum that may be of further help to you. For now, my best to ya and hope this helps.

Jay J -Moderator

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