Is it true that we can’t get a home inspection after winning an auction?
Hi everyone, I’m not sure if this is the right place for this, but I’m hoping for some clarification.
I’m in the market for a small townhouse and recently, one came up for auction. We would like to conduct a building inspection after the auction, before finalizing the purchase.
However, the real estate agent told us that this isn’t permitted, and if we place a bid on a property, we’re committed to buying it without an inspection. They mentioned that any inspections need to be done before the auction.
I find it hard to believe I’d have to pay over $600 for inspections on every property I’m considering before even placing a bid. Is the agent correct about this process, or is there a misunderstanding?
It sounds like you’re in a bit of a tough spot. In many real estate auctions, it’s true that buyers are often required to conduct inspections prior to bidding. This is because once the auction concludes and you win, you typically enter into a binding contract, making it difficult or impossible to negotiate terms like an inspection afterward.
However, real estate practices can vary by location and the specific terms of the auction. Some auctions might allow for inspections after winning, but this is less common. It’s important to read the auction terms thoroughly, which should outline what is allowed.
If you’re concerned about the investment you’re making, it may be worth seeking a second opinion or consulting with another real estate agent or a legal professional who specializes in real estate in your area. They can provide clarity on whether you have any options or rights in this situation. Good luck!