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(CBC)   Woman spends $1M on a house, decides to skip the $500 house inspection. Bad call   (cbc.ca) divider line 173
    More: Stupid, Carrie Forsythe, Winnipeg, home inspections  
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34500 clicks; posted to Main » on 05 Nov 2012 at 12:46 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-05 02:14:10 PM  

robodog: kroonermanblack: Anyone have advice for a first time house shopper buyer? I'm considering buying something in my area. Personally I like small and bizarre and cheap. But I don't really have 300k to drop over 30 years, and would prefer a much shorter aggressive mortgage.

Why do a short mortgage right now? This is the cheapest pool of capital you'll ever have access to, get a 30 year fixed on a house you can afford and drop everything else into investments. That's what I did, refinanced into a new 30 year and took the difference and dropped it into an IRA, that pot of money will grow at a lot more than 3.85%!


Because I'm money stupid and have no clue wtf you're talking about.

That would probably help :(.

My thought was 'same price as renting but hopefully worth something at some point with no more rent'.
 
2012-11-05 02:14:17 PM  
Ill just leave this here.
Hoarders Rat Man

/My skin still crawls a little.
 
2012-11-05 02:14:25 PM  

JackieRabbit: kvinesknows: JackieRabbit: Both of the banks I have mortgages with required a thorough inspection (it's actually the law)

in what country/province/state??

The United States for any mortgage product backed by Fannie Mae or Freddie Mac. This includes most standard, not-jumbo mortgages, though certainly not all.


Not true. Fannie/Freddy only require NPMA33, sometimes a 5 year roof certification. but only a fool would waive inspection.

Only hire an inspector with E&O insurance, never use someone recommended by a realtor. ask your lawyer for recommendations.
 
2012-11-05 02:18:32 PM  
Submitter: Woman spends $1M on a house, decides to skip the $500 house inspection. Bad call

FTFY, subbie
 
2012-11-05 02:21:31 PM  

kroonermanblack: robodog: kroonermanblack: Anyone have advice for a first time house shopper buyer? I'm considering buying something in my area. Personally I like small and bizarre and cheap. But I don't really have 300k to drop over 30 years, and would prefer a much shorter aggressive mortgage.

Why do a short mortgage right now? This is the cheapest pool of capital you'll ever have access to, get a 30 year fixed on a house you can afford and drop everything else into investments. That's what I did, refinanced into a new 30 year and took the difference and dropped it into an IRA, that pot of money will grow at a lot more than 3.85%!

Because I'm money stupid and have no clue wtf you're talking about.

That would probably help :(.

My thought was 'same price as renting but hopefully worth something at some point with no more rent'.


Plus once you lock in a mortgage rate, it will never go up, rent does. People that bought 30 years ago are living in 2000 sq. ft. houses with $600 mortgage payments, that sounds ridiculous to us now, but it takes time and inflation to show that owning is better than renting.
 
2012-11-05 02:27:32 PM  
just weighing in, in case people are still browsing looking for advice.

it is absolutely worth the money to get a home inspection... but it is also absolutely dependent on finding a good company that does a thorough job. when i bought my first home the owner of the inspection company came and did the survey. and he was a maniac of thoroughness. he spent more than 4 hours combing over every square inch of a 700 sq ft house. he generated something like 50 pages of material on what he found. all the way down to noting which outlets had their polarity wrong, which of the asbestos shingles on the siding had cracks of what size, on and on and on. as impressed as i was, i called the same company to inspect my next house, and got some loser employee who was basically phoning in the inspection. LUCKILY, there were severe problems so obvious that even without as much gusto as i'd like, the guy spotted them and i nixed the purchase.

next comes the tricky part... and somebody here already mentioned it: an inspection does not give you automatic recourse if something goes wrong. what it gives you is information. and information is only useful if you USE IT. go through the report, read it. ALL of it. read it again. all that information is only useful to you if you let it inform you in your purchase decision.... and it's useful to leverage price negotiation. it does not give you "get out of house free card", because as it has been said, if the inspector misses something, tough luck.

the next thing i saw mentioned and highly advise, is buying the house warranty. but again, you've really got to do your homework (in conjunction with that inspection you got ... to figure out what's likely to go wrong), because just like with any other insurance you buy - the goal of the company selling it to you IS TO MAKE A PROFIT. they don't want to pay for anything, EVER. and some companies are really good at not doing that. so you need to do your diligence and find out what kind of documentation you need to get things fixed on their dime. what kind of situations they will and won't cover. etc etc etc. homework homework homework.

as far as advice for anyone looking to buy? ugh. personally i'll never own another place that isn't investment - it ties you to an area regardless of what job prospects do, it obligates you to an extended debt, it ties a LOT of money into a thing that usually will just keep trying to fall apart on you. that being said, if you're intent on buying instead of renting, the interest rates are AWESOME now, so it's a good time to get into the market. i would seriously consider commute to work AND what potential rental rates in that area might be. you never know if you're going to have to relocate, and being able to rent your house at or above your mortgage payment gives you that flexibility.

/go for concrete block construction. 
/if you can afford a duplex, go for that.
 
2012-11-05 02:29:23 PM  

kroonermanblack: robodog: kroonermanblack: Anyone have advice for a first time house shopper buyer? I'm considering buying something in my area. Personally I like small and bizarre and cheap. But I don't really have 300k to drop over 30 years, and would prefer a much shorter aggressive mortgage.

Why do a short mortgage right now? This is the cheapest pool of capital you'll ever have access to, get a 30 year fixed on a house you can afford and drop everything else into investments. That's what I did, refinanced into a new 30 year and took the difference and dropped it into an IRA, that pot of money will grow at a lot more than 3.85%!

Because I'm money stupid and have no clue wtf you're talking about.

That would probably help :(.

My thought was 'same price as renting but hopefully worth something at some point with no more rent'.


Here's a calculator that may help you: Link
 
2012-11-05 02:30:35 PM  

Flakeloaf: Let me be the first to tell you that a home inspection doesn't mean dick. Pretty much all of them have contracts with words to the effect of "I'm only liable for things I'm smart enough to see, diligent enough to describe and stupid enough to not tell you about.". If there's a fault the inspector doesn't see, like a $25,000 hole in the foundation that he called "a minor crack and nothing to worry about" next to "some stonework that might cause problems" of exactly the type he said they hadn't caused, or a fire hazard in the basement bathroom from some moron linking the dryer vent to the bathroom fan despite 26 years of lint making the vent impassable, some asshole kleenex as a building material, exposed 220V wiring behind a leaky shower that I happened to discover with a goddamned drywall saw, etc., you have zero recourse. None. Not against the inspector. Not against the previous owner. The inspector didn't see it, you can't prove the owner knew, fix it yourself, fark you, next case.

/yeah, imadbro


If you get an inspection thinking it's anything other than essentially just somebody who is familiar with what to look for going through the place doing a visual inspection, then yeah, you're fooling yourself. An inspector might not have even caught this if nobody else noticed until they started ripping out walls.

However, I'll always shell out the cash for one. Find one that's well reviewed both online and preferably by people you know as well. I backed out on a place when we were looking just recently because the inspector noticed scorching and double taping of copper and aluminum wiring in the electrical box. Would have had to replace the whole electrical system if we'd gone with that place.
 
2012-11-05 02:33:03 PM  
I know a mouse and he hasn't got a house,
I don't know why his name is Gerald.

He's getting pretty old, but he's a good mouse.
 
2012-11-05 02:37:32 PM  
So proud of my town right now...

/all grown up now
//made it onto the fark
///never move outside the perimeter
 
2012-11-05 02:38:37 PM  

ijason


next comes the tricky part... and somebody here already mentioned it: an inspection does not give you automatic recourse if something goes wrong. what it gives you is information. and information is only useful if you USE IT. go through the report, read it. ALL of it. read it again. all that information is only useful to you if you let it inform you in your purchase decision.... and it's useful to leverage price negotiation. it does not give you "get out of house free card", because as it has been said, if the inspector misses something, tough luck.


You're half-right.

Pre-purchase --> inspection issue can allow the potential buyer to walk away freely and any deposit would be returned
Post-purchase --> purchaser = SOL
 
2012-11-05 02:40:43 PM  

kvinesknows: LemSkroob: One million? In Winterpeg? Dont most places there only cost $500 to begin with?

meh... winnipeg has an insane immigrant population growth right now and this drives house bidding wars of $20K or more over asking price bidding wars on houses that list at $150K and are were worth less then $70K 5 years ago.


This is so true. The bubble is pretty big right now and probably will pop at some point. Fortunately, lending laws here won't result in a huge recession like in the States.

My place was $149k 11 years ago, worth probably $400k now.
 
2012-11-05 02:41:15 PM  

Englebert Slaptyback: ijason

next comes the tricky part... and somebody here already mentioned it: an inspection does not give you automatic recourse if something goes wrong. what it gives you is information. and information is only useful if you USE IT. go through the report, read it. ALL of it. read it again. all that information is only useful to you if you let it inform you in your purchase decision.... and it's useful to leverage price negotiation. it does not give you "get out of house free card", because as it has been said, if the inspector misses something, tough luck.


You're half-right.

Pre-purchase --> inspection issue can allow the potential buyer to walk away freely and any deposit would be returned
Post-purchase --> purchaser = SOL


Either way it gives you a great list of stuff to work on in the first 6 months aside from vanity upgrades.
 
2012-11-05 02:41:34 PM  

Round Fish on Toast: JackieRabbit: kvinesknows: JackieRabbit: Both of the banks I have mortgages with required a thorough inspection (it's actually the law)

in what country/province/state??

The United States for any mortgage product backed by Fannie Mae or Freddie Mac. This includes most standard, not-jumbo mortgages, though certainly not all.

Not true. Fannie/Freddy only require NPMA33, sometimes a 5 year roof certification. but only a fool would waive inspection.

Only hire an inspector with E&O insurance, never use someone recommended by a realtor. ask your lawyer for recommendations.


Friend, I just went through this two years ago. Believe me, you must now have an inspection to get a mortgage and the form I had to sign authorizing it and paying for it was a Freddie Mac form. In my state, you may no longer choose you own inspector, as I always have. Now, the bank must assign the inspector. This is because people were hiring fly-by-nighters to inflate values and ignore deficiencies that would disqualify the property for a mortgage.
 
2012-11-05 02:41:40 PM  
When purchasing a home, it pays to look inside the house too.
 
2012-11-05 02:43:07 PM  

JackieRabbit: Round Fish on Toast: JackieRabbit: kvinesknows: JackieRabbit: Both of the banks I have mortgages with required a thorough inspection (it's actually the law)

in what country/province/state??

The United States for any mortgage product backed by Fannie Mae or Freddie Mac. This includes most standard, not-jumbo mortgages, though certainly not all.

Not true. Fannie/Freddy only require NPMA33, sometimes a 5 year roof certification. but only a fool would waive inspection.

Only hire an inspector with E&O insurance, never use someone recommended by a realtor. ask your lawyer for recommendations.

Friend, I just went through this two years ago. Believe me, you must now have an inspection to get a mortgage and the form I had to sign authorizing it and paying for it was a Freddie Mac form. In my state, you may no longer choose you own inspector, as I always have. Now, the bank must assign the inspector. This is because people were hiring fly-by-nighters to inflate values and ignore deficiencies that would disqualify the property for a mortgage.


My state requires all inspectors to be licensed which happens by passing a certification test. So there's a bare minimum they know AND if they get complaints about their inspections, they lose that license.
 
2012-11-05 02:46:45 PM  

Girion47


Either way it gives you a great list of stuff to work on in the first 6 months aside from vanity upgrades.


Also that.
 
2012-11-05 02:49:08 PM  

Englebert Slaptyback: So none of her "contractors, engineers and architects" noticed anything but she thinks the previous owner "had to have known"?


Well, of course they didn't - but if she was honest about it, the grounds for her groundless lawsuit would vanish..
 
2012-11-05 02:51:11 PM  

I_Can't_Believe_it's_not_Boutros: I know a mouse and he hasn't got a house,
I don't know why his name is Gerald.

He's getting pretty old, but he's a good mouse.


Shine on, you crazy diamond.
 
2012-11-05 02:52:47 PM  

Odd Bird: Summer Glau's Love Slave: /Just sayin'

Where have you been? There have been a couple of threads which had room for a Summer reference, I was left to carry the burden alone.

/just finished re-watching The SC Chronicles.
// Fake, but, well...NSFW
///SFW eye-candy
[www.fansshare.com image 440x368]


You are a God amongst insects.

/Thanks for the fake pic.
//Very fap worthy.
///I will INSPECT it at length.
////I just worked in "inspect" so the Mods won't gig me for being off topic.
 
2012-11-05 02:55:23 PM  

WinnipegDragon: kvinesknows: LemSkroob: One million? In Winterpeg? Dont most places there only cost $500 to begin with?

meh... winnipeg has an insane immigrant population growth right now and this drives house bidding wars of $20K or more over asking price bidding wars on houses that list at $150K and are were worth less then $70K 5 years ago.

This is so true. The bubble is pretty big right now and probably will pop at some point. Fortunately, lending laws here won't result in a huge recession like in the States.

My place was $149k 11 years ago, worth probably $400k now.


yeah.. if I felt like commuting I could sell my house that I paid 130ish for 6 years ago pay off my current mortgage and and purchase a house that has 400 more SQ feet and 9 acres south of the city and be free and clear of my entire mortgage.
 
2012-11-05 03:05:57 PM  

kvinesknows: WinnipegDragon: kvinesknows: LemSkroob: One million? In Winterpeg? Dont most places there only cost $500 to begin with?

meh... winnipeg has an insane immigrant population growth right now and this drives house bidding wars of $20K or more over asking price bidding wars on houses that list at $150K and are were worth less then $70K 5 years ago.

This is so true. The bubble is pretty big right now and probably will pop at some point. Fortunately, lending laws here won't result in a huge recession like in the States.

My place was $149k 11 years ago, worth probably $400k now.

yeah.. if I felt like commuting I could sell my house that I paid 130ish for 6 years ago pay off my current mortgage and and purchase a house that has 400 more SQ feet and 9 acres south of the city and be free and clear of my entire mortgage.


And all you have to do is give up the protection of the Floodway...
 
2012-11-05 03:09:05 PM  

sniderman: Morrius: It looks like they're testing missiles on that house.


/too obscure?

[1.bp.blogspot.com image 480x360]



Funniest part of that movie. I could watch that scene over and over and over.
 
2012-11-05 03:14:41 PM  

WinnipegDragon: kvinesknows: WinnipegDragon: kvinesknows: LemSkroob: One million? In Winterpeg? Dont most places there only cost $500 to begin with?

meh... winnipeg has an insane immigrant population growth right now and this drives house bidding wars of $20K or more over asking price bidding wars on houses that list at $150K and are were worth less then $70K 5 years ago.

This is so true. The bubble is pretty big right now and probably will pop at some point. Fortunately, lending laws here won't result in a huge recession like in the States.

My place was $149k 11 years ago, worth probably $400k now.

yeah.. if I felt like commuting I could sell my house that I paid 130ish for 6 years ago pay off my current mortgage and and purchase a house that has 400 more SQ feet and 9 acres south of the city and be free and clear of my entire mortgage.

And all you have to do is give up the protection of the Floodway...


snicker... yeah..... I googled the "flood maps" and well.... the house has been surrounded a couple of times.. still dry.. but completely surrounded
 
2012-11-05 03:17:55 PM  

The My Little Pony Killer: Prank Call of Cthulhu: her unfortunately-racist-named cat

My google-fu is weak. What is said cat's unfortunate name?


It would be something like "attractive and successful Feline-American" after going through the Fark filter. (Link)
 
2012-11-05 03:23:58 PM  

JackieRabbit: Round Fish on Toast: JackieRabbit: kvinesknows: JackieRabbit: Both of the banks I have mortgages with required a thorough inspection (it's actually the law)

in what country/province/state??

The United States for any mortgage product backed by Fannie Mae or Freddie Mac. This includes most standard, not-jumbo mortgages, though certainly not all.

Not true. Fannie/Freddy only require NPMA33, sometimes a 5 year roof certification. but only a fool would waive inspection.

Only hire an inspector with E&O insurance, never use someone recommended by a realtor. ask your lawyer for recommendations.

Friend, I just went through this two years ago. Believe me, you must now have an inspection to get a mortgage and the form I had to sign authorizing it and paying for it was a Freddie Mac form. In my state, you may no longer choose you own inspector, as I always have. Now, the bank must assign the inspector. This is because people were hiring fly-by-nighters to inflate values and ignore deficiencies that would disqualify the property for a mortgage.


inspection =/= appraisal
 
2012-11-05 03:30:27 PM  
Currently buying a house right now. And yes the home inspection is worth it as it does give you some leverage with getting them fixed or getting concessions since the issues are documented. The selling real estate agent/seller tried to get us to use a home inspector because he wasn't a real nit picker. I knew right away I didn't want to go with this guy. So I looked up some house inspectors in the area called a couple to talk to them and found one I liked. Once I got it scheduled we call to let the seller that we don't want you at the home during the home inspection and she was all pissy about that. Well for one thing the guy wants to look at the entire house without you trying to influence what he looks at. So by the end of it there were several issues with the house that we wanted fix prior to closing. And within the day she said they got all that fixed. Which we didn't believe so we asked for receipts which they couldn't produce. I also have to give then some benefit of the doubt since our real estate agent (dumb) didn't even forward the home inspection which I was referring to in my letter to have issues fixed. Once that got sent it got fixed but not without a bunch of biatching about how much it costs and yada yada.

Also appraisal also came in low, not by a lot just 1500 and we told the lady that we weren't going to be paying above the appraisal price. She said that couldn't do that and we were willing to walk the deal since listing lied about the sq ft of the house as well. Our real estate asked her if she would pay approve appraised value and she said no why would I do that and our real estate agent told her to think about that for a second. Once she found out that we would walk away if they said no, since we were tired of dealing with her shiat. Also complaining about having to fix stuff that would have been fixed for any other buyer that got a home inspection before.

Ugh buying a house from a biatchy real estate agent when your real estate agent is in her 70s is just retarded (did not pick her got relocated and the relocation company picked her).
 
2012-11-05 03:35:55 PM  
How the fark could you not SMELL that many mice? My God, they absolutely reek. I trust she walked through the house at least once before buying it...
 
2012-11-05 03:43:57 PM  

Iceboxxx: Currently buying a house right now. And yes the home inspection is worth it as it does give you some leverage with getting them fixed or getting concessions since the issues are documented. The selling real estate agent/seller tried to get us to use a home inspector because he wasn't a real nit picker. I knew right away I didn't want to go with this guy. So I looked up some house inspectors in the area called a couple to talk to them and found one I liked. Once I got it scheduled we call to let the seller that we don't want you at the home during the home inspection and she was all pissy about that. Well for one thing the guy wants to look at the entire house without you trying to influence what he looks at. So by the end of it there were several issues with the house that we wanted fix prior to closing. And within the day she said they got all that fixed. Which we didn't believe so we asked for receipts which they couldn't produce. I also have to give then some benefit of the doubt since our real estate agent (dumb) didn't even forward the home inspection which I was referring to in my letter to have issues fixed. Once that got sent it got fixed but not without a bunch of biatching about how much it costs and yada yada.

Also appraisal also came in low, not by a lot just 1500 and we told the lady that we weren't going to be paying above the appraisal price. She said that couldn't do that and we were willing to walk the deal since listing lied about the sq ft of the house as well. Our real estate asked her if she would pay approve appraised value and she said no why would I do that and our real estate agent told her to think about that for a second. Once she found out that we would walk away if they said no, since we were tired of dealing with her shiat. Also complaining about having to fix stuff that would have been fixed for any other buyer that got a home inspection before.

Ugh buying a house from a biatchy real estate agent when your real estate ...


When we had our inspection done back in May, the Seller and her agent were there for it. Before the inspection occurred we were told that no one but the inspector, us the buyers, and our agent could be present since they are a private people. I responded that if I wanted my parents with me, they'd be there or I'd walk. It ended up being just us, the inspector, and my agent, but as a buyer, you aren't going to dictate terms to me.

The seller's agent also biatched to my agent that I was talking to my inspector as he did the inspection (I do safety, IH, and went to school for public health, and I know how to do my own inspections, so I was gauging the skill of the guy as we went along).

We actually did walk during the offer process a couple times, but they weren't willing to budge on price(had been on the market for 5 months without an adjustment) and they wanted to take the refrigerator.(which is really nice and I'm enjoying having it).

This family also wanted to move out AFTER closing...without a security deposit...or rent. When I balked at that I was told

"Well we don't do that kind of thing here in Kentucky(bullshiat I grew up here and I'm moving back, I know better) and we're offended that the buyer's don't trust us"
 
2012-11-05 03:45:22 PM  

DeathCipris: dywed88: DeathCipris: lifeboat: FTFA: "Now, she said she will likely have to sue the previous owner."

Unfarkingbelievable. "It's not my fault I'm so farking stupid and irresponsible!"

Hmm....apparently in Canada they don't have "caveat emptor" cuz once you are in the house, it belongs to you beneficiary of the home buying contract. Being a recent home buyer, there was a line of verbage in my house buying contract specifically dealing with this stuff. It went to the effect of anything in this house is your problem now. No one will help you and you have no recourse if something is really dorked up. Remember, you are still responsible for your mortgage.

I know in Ontario you are liable if you knowingly misled the purchaser (i.e. if the old owners knew about the mice, they are liable).
As for the home inspection, most of the time they are pretty terrible and generally end up bearing less responsibility than the previous owners. Yeah it is good because they will generally notice massive issues, but they aren't particularly good unless you have someone you know personally and trust (i.e. a family member or friend). These guys need to be licensed and held liable for what they miss.


Oh yea, if they tried to hide it from you on purpose then they can be held liable.
How so very true tho...my home inspector missed some many things; it was unbelievable. Some of this stuff was a serious WTF? Supposedly "tested" the AC, totally didn't cuz that damn compressor was busted and there is no way that thing shot out cool air. But eh, what are you gonna do...tis why I bought a home warranty. 
BTW, side note, but there was a possible new home buyer here...hope they are still reading this so...
BUY A HOME WARRANTY. IT IS A VERY VERY GOOD INVESTMENT AND IT ONLY TAKES ONE PROBLEM TO GET YOUR MONEY'S WORTH.


I just bought a 20-yr old home this summer that had a home warranty on it (American Home Shield). The warranty is complete crap. A total waste of money. I have another home to sell and I told my agent I will not spend a dime on an AHS warranty.

We weren't in our "new" home a week when I discovered at least 3 inches of standing water in the bottom of the furnace a/c. Rusty water shooting out a hole in the side of the return air duct. AHS sent teenage "technicians" on two different occasions who both did the exact same thing, clean out the condensate line. Despite my telling them I was afraid the water damage inside the unit was extensive, neither one actually opened up the unit to fully examine the a-coil and parts beneath. I finally got sick of messing with them and called a local company to check it out. Turns out, the whole thing was rusted out with pinholes in the heat exchanger that would have leaked carbon monoxide when the furnace was turned on.

AHS wouldn't compensate because their "technicians" didn't find the problem and nothing had actually "failed". I asked them if they would have preferred it if I'd turned on the furnace and gassed myself. Apparently, that would qualify as a system failure.

/they can EABOD
 
2012-11-05 03:56:55 PM  

hammettman: lifeboat: FTFA: "Now, she said she will likely have to sue the previous owner."

Unfarkingbelievable. "It's not my fault I'm so farking stupid and irresponsible!"

This is what turns the article from "ha ha, what a typical cheap rich bastard" to "ergh goddamnitsomuchthisiswhywecan'thavenicethings!!!" and yes, those are technical terms.


It's why you should pay for an inspection when you SELL a house too.
 
2012-11-05 04:02:25 PM  
'All you see is just feces and urine,' Carrie Forsythe says about new home

Sounds like a frat house.
i.imgur.com
 
2012-11-05 04:08:05 PM  

Morrius: It looks like they're testing missiles on that house.


/too obscure?


Two weeks.
 
2012-11-05 04:08:57 PM  

kroonermanblack: Anyone have advice for a first time house shopper buyer? I'm considering buying something in my area. Personally I like small and bizarre and cheap. But I don't really have 300k to drop over 30 years, and would prefer a much shorter aggressive mortgage.


(1) Owner's title insurance. There will be a title insurance policy, but that is for the mortgage company. You want your own. ESPECIALLY if it is a foreclosure or a short sale.

(2) Pre-closing inspection(s), that will let you out of the contract, if it fails. You may want a specialist inspection for septic systems and wells, if it's not on a municipal system. Also if it has a swimming pool, you want a professional evaluation.

(3) If major systems are in a crawlspace or attic, think HARD about whether you are willing to do the checks and filters yourself, or else budget to have a professional do it. It may seem o.k. the first time, or first five times. Take it from me, after 20 years, it gets old (so do you).

(4) Check the flood maps, and re-check. If the flood maps are old, what development has taken place upstream in the last 5, 10, or 20 years? We have helped people after a 500-year flood. It's ugly.
 
2012-11-05 04:14:18 PM  

kroonermanblack: Anyone have advice for a first time house shopper buyer? I'm considering buying something in my area. Personally I like small and bizarre and cheap. But I don't really have 300k to drop over 30 years, and would prefer a much shorter aggressive mortgage.


Oh, yeah,
(5) strongly consider your own attorney for the closing, or at least to review the contract before closing.
 
2012-11-05 04:16:15 PM  

Summer Glau's Love Slave: [www.fabcats.org image 431x287]
If only there were some sort of creature that preyed on mice... 

/Just sayin'


They should have put the symmetrically-marked kitten in the middle...
 
2012-11-05 04:19:40 PM  
Somebody shoulda smelled a rat ....
 
2012-11-05 04:21:49 PM  
We had a home inspection when we bought out house in Ohio. Turns out we had a roof leak, a plumbing leak, the air conditioning leaked, and the sewer line had so many roots growing in it when we drained the washer sewage backed up into the basement.

It was too bad so sad. I guess it could have been worse.
 
2012-11-05 04:22:47 PM  

kroonermanblack: Anyone have advice for a first time house shopper buyer? I'm considering buying something in my area. Personally I like small and bizarre and cheap. But I don't really have 300k to drop over 30 years, and would prefer a much shorter aggressive mortgage.


Our Realtor Association publishes a booklet just for First Time Homebuyers that has lots of excellent advice. Ask a Realtor in your state if they have one. It will help get you started. One thing to keep in mind is that the older a home is, the less stringent the building codes were when it was constructed. Also, most everything in a house will last at least 10 years before they start to tear up. Dishwashers, hot water heaters and HVAC systems start crapping out 10-15 years from installation. Roofs around 20 years. Get a longer mortgage and pay it off early. There are inspectors now that use cameras that can see into the walls to see if there is a water leak or an electrical hotspot. They cost a little more, but not that much more. They might also see if the house has 10,000 mice in the walls.
 
2012-11-05 04:24:12 PM  
keep telling us, we're to have fun. but take all our ice cream so we have none. this is more than a party.

cdn.songonlyrics.com
 
2012-11-05 04:26:06 PM  

sniderman: Morrius: It looks like they're testing missiles on that house.


/too obscure?

Brad
"Write me a cheque quick, before I come to my senses. Five grand."

Walter
"Five grand... Five thousand dollars?"

Brad
"That's just a deposit."

Walter
"I'm not tryin' to tell you your business, but you haven't even looked at my pipes. "

Brad
"I looked at them three years ago. You figure they've improved with age?"

 
2012-11-05 04:40:22 PM  
Not to kick anyone while they're down but, I'D HIT IT!

media.winnipegfreepress.com
 
2012-11-05 04:42:54 PM  

sniderman: Morrius: It looks like they're testing missiles on that house.


/too obscure?

[1.bp.blogspot.com image 480x360]


Ha. I mildly enjoyed that movie.
 
2012-11-05 04:58:19 PM  

Mikeyworld: Yeah,rent...You're gonna pay for shelter the rest of your LIFE. Ya might as well get money in return. Rent is throwing your bucks down a black hole: You pay, the money goes, you live in a shelter for another month. If you own (Ha! The bank will own it longer than you ever will), there's a return on it. Your equity goes up and you'll have a back-up savings. a re-fi after ten years, when you've settled into a steady income, can be used to shorten the loan, or lengthen it to get more money monthly. Unless you're planning on moving about the country, ownership is a better deal financially


There are few problems with that.
1) The value of a home may not necessarily go up. It can even go down.
2) The cost of ownership (maintenance, taxes, interest on any loan) can be comparable or even greater than the cost to rent
3) Leases are generally easier to get out of than ownership. Around here, after a year on lease you can usually go month to month, meaning you can leave within a period of two months and nothing can stop you and you have no disposal costs. When selling your home you have considerable disposal costs (commissions, legal fees, etc) and it depends on their being a buyer and you have less control over the closing date (must work with the purchaser).

There are advantages to both renting and owning and it varies on a case by case basis.

AcneVulgaris: Canada is facing an epic housing crash. They're where the US was in 2007.

Canadians will deny this. In a year, when it happens, they will deny denying this.


And it isn't like I heard that line regularly since 2008 (when there was a steep drop in property values). But yes, properties are overvalued in many markets. The thing is, due to government regulations and bank practices, such a drop will have far less impact in Canada than the US. Fewer mortgages will be underwater and there will be less foreclosures. Canadians have significant debt issues, though it is about more than mortgages.
 
2012-11-05 04:58:26 PM  
I r a real estate agent...

The inspector I recommend gives the buyers two reports, one is 20-30 pages with pictures and explanations and the other is a 5-10 page summary with pictures and notes for specific problems with the home. I tell buyers to use the summary as their "weekend project list"

Random thoughts:

Always look up and look down at the corners of the ceilings and walls if there are structural issues that is where you will often see them first.

Always look under the kitchen sink for moisture and leaking problems. If the sink does not have a disposal there may be issues with clogged pipes down the road.

Look at furnaces and water heaters for stickers or cards from companies that have done maintenance on them and see how many years it has been since they were maintained.

Look at how deck boards were fastened to the beams, if the boards were nailed down it is probably an older deck. If they were screwed down they are probably newer.

If you are looking at a bank owned home look on the signs that say "this home has been winterized" for the date it was winterized so you can guess whether or not the home sat empty over the winter. Write down the name and number of the company that did the winterization so you can get the same company to unwinterize it.

As you look around an older home and think about all of the changes you can make to the home think about what would be a $50 Project, a $500 project or a $5,000 project and try to limit the $500 and $5,000 projects that you have to budget for.

If you plan on making a lot of changes other than paint and replacing bad flooring wait for about six months after you have owned the home and if whatever you wanted to change still bothers you then make the change, otherwise you have gotten used to it and can save the money by leaving it alone.

If you are looking at an older house notice how tall the opening for the refrigerator is. The started making them a few inches taller 20 years ago or so and some older houses have openings that are too short.

In older home if you look between the panes of a double pane window you can often see the manufacture date of the window and then guess how old they are.

Always look in the electrical panel to see how old the panel is and if there are extra breakers to add a shop or hot tub onto the panel.

Avoid variables you can't control, like HOA fees, high taxes, loud businesses next door.

For those chasing the "North Idaho Dream" of five acres with a house and shop in the woods:

Think about how far you want to be from a loaf of bread, what kind of internet access is available, who will plow the roads in the winter, etc.

Look a map and figure out how far the property is from the nearest lake or river and how far it is from government forest land for using ATV's, hunting etc. About 70% of all of the land in Idaho is owned by the government in one for or another, get out an enjoy it.

When you are driving out on the back roads looking at properties look for mail boxes because then you know at least one person drives that road in the winter.

Look for school bus stops because they have a higher priority for plowing in the winter.
 
2012-11-05 05:09:50 PM  
www.cbc.ca

This was $1M in Winnipeg? Srsly?
 
2012-11-05 05:13:05 PM  

ElFugawz: [www.cbc.ca image 300x170]

This was $1M in Winnipeg? Srsly?


Plus the mice.
 
2012-11-05 05:14:03 PM  
She needed a pest inspection, not a home imspection. I'm guessing that she did not get a loan from the bank to pay for this because if she did she would have been required to get both a home inpspection and a pest inpection, at least that is the way it works in most of the US. Hell, if she is rich enough to buy the house than she is rich enough to pay to fix it up.
 
2012-11-05 05:25:32 PM  
Well, when you only pay $1m, you're going to get a rat infested shed.

/Californian.
 
2012-11-05 05:26:51 PM  
Random thoughts:

I can't imagine the homeowner never hearing anything suspect, especially if the buildup had taken years. I've been through rodent problems that are trifling by comparison, and we could darned well hear *something* before we could see/smell any evidence.

I can't imagine how a competent inspector--If Hired--wouldn't have noticed something. Then again, owner waived this dumbly.

Gonna be an interesting court battle. If seller can keep a straight face and say "never heard or saw a thing," then they probably win, I suppose.


That said, you're at the mercy of the inspector--though some firms sell "Home Warranties" that perhaps would deal with these....?


INSPECTOR'S JOURNAL ONLINE FORUM--recent chat re mice infestations:

http://www.inspectorsjournal.com/forum/topic.asp?topic_id=16552
 
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