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help - buying property in the US

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  1. optika11329 optika11329 is offline

    Leeds
    United Kingdom

    Posts: 543
    Joined: Mar 07

    Jul 13th, 2009 (7/13/2009 3:35pm)

    Hi - im from the UK

    When buying a property in the UK - once you have found the property - you make an offer, it is accepted.

    Then my job as a Building Surveyor is to make sure that the building is structurally sound and highlight any repairs required.

    Value is then (possibly) renegotiated depending upon advice - the contracts are exchanged and a short while later (days/weeks agreed between parties) the contracts are executed.

    Who advises on property in the states?
     
  2. ccm ccm is offline

    Vancouver
    Canada

    Posts: 3,629
    Joined: Mar 06

    Jul 13th, 2009 (7/13/2009 3:40pm) in reply to optika11329

    It is very similar. Here, you attach "subjects", or "subject to's" along with your offer.

    So you make an offer for the property for $200k, "subject to" items such as:
    -A building inspection
    -A property assessment
    -A check for liens or back taxes, etc.
    all being completed to your satisfaction.

    These are basically exit clauses that allow you to escape the purchase contract, but the price is generally not renegotiated as a result.

    That said, there are usually adjustments (included in the "statement of adjustments") to the price as a result of:

    -The portion of the year that property taxes have been prepaid
    -Same for utilities, sometimes
    -Deduction for legal fees & real-estate commissions
    -a few other minor items
  3. Willywoo Willywoo is offline

    Colorado Springs, CO
    United States

    Posts: 17,803
    Joined: Jan 06

    Jul 13th, 2009 (7/13/2009 3:41pm) in reply to optika11329

    Find a real estate attorney in the place you are looking to buy. You can also find and use a real estate agent to help you find a property. The agent will usually help with the contract, specifically any conditions that you might want to put in it, like the inspection provision you referred to. Still, you will want it reviewed by an attorney before you sign it. Too many pitfalls to do it yourself.
  4. ccm ccm is offline

    Vancouver
    Canada

    Posts: 3,629
    Joined: Mar 06

    Jul 13th, 2009 (7/13/2009 3:41pm) in reply to optika11329

     
    Originally Posted by optika11329 View Post

    Who advises on property in the states?

    Talk to a real-estate agent

    edit: Willywoo answered this question better than I
  5. optika11329 optika11329 is offline

    Leeds
    United Kingdom

    Posts: 543
    Joined: Mar 07

    Jul 13th, 2009 (7/13/2009 3:51pm) in reply to ccm

    this is all great

    but who advises on the condition of the property? What do you call those people?

    And are they commercial based firms?
     
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  6. ilovescotch ilovescotch is offline Mod of teh xfers

    Posts: 2,305
    Joined: Mar 05

    Jul 13th, 2009 (7/13/2009 3:59pm) in reply to optika11329

    home inspector
  7. ACE-N-HOLE ACE-N-HOLE is offline

    Pittsburgh, PA
    United States

    Posts: 552
    Joined: Feb 05

    Jul 13th, 2009 (7/13/2009 4:21pm) in reply to ilovescotch

    Home Inspector looks at every part of the house, the Appraiser gives the value to the property.

    I am a Real Estate Broker for Mortgages, both residential and commercial. If you have any other questions let me know.
  8. Willywoo Willywoo is offline

    Colorado Springs, CO
    United States

    Posts: 17,803
    Joined: Jan 06

    Jul 13th, 2009 (7/13/2009 4:25pm) in reply to ilovescotch

    Home inspectors do indeed do inspection of the type you are thinking about, however, be aware. Some home inspectors will do a very cursory review of the property. Be wary of referrals from the realtor. The interest may be in just getting the deal done rather than keeping your interests at heart.

    Depending on your comfort level considering the general age, condition, location of the property and other factors you may want to get a referral for a qualified residential general contractor or possibly a structural engineer to go through the property. It just depends on if you want to know if the windows work, how much insulation it has and whether the roof is in good shape or do you want to know about the foundation, structural issues or other major issues that may not be apparent on a walk through evaluation.

    The bottomline is that you can do pretty much whatever you want in terms of an inspection, but different deals call for different levels of inspection. For instance if one were looking at a home in an area with expansive soils or on a hillside and engineer may be helpful. If it is in an older area that has not has structural issues previously then it probably isn't necessary. You get the idea.
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