Do investors perform inspection when buying house?

Does Zion REI perform inspections on the homes they buy?
Video Transcription

Speaker 1: All right, so do we buy properties?

Kase: Yes.

Speaker 1: We do.

Kase: Do we perform inspections on the properties that we buy? We often do and we don’t do it in the traditional manner. I don’t hire inspectors. I don’t hire contractors. I’m going to go through the property or one of my partners would go through the property and we’re going to determine if it fits our needs. If we’re on the verge of a price dispute or if it needed a little bit more than we can pay, I might have to bring in a contractor, but I’m going to let you know that ahead of time so there won’t be a surprise inspection. We’re not going to back out of a property due to a structural inspection. When we meet with you, that will be our inspection. Now that said, again, if we’re on the verge of where it makes sense or doesn’t, I may have to call in a contractor during what we’ll call an inspection period, but it’s not going to cost you anything and very rarely do we come back and have to negotiate.

The only thing we can’t account for is two things below ground, and the first is the well and the second is the septic inspection. We will order a septic and well inspection that’s performed by the county and they’re going to give us the working condition of the well and septic if you’re in a municipality that has that. Most of the properties we buy, though, are in the city, and we don’t have to worry about that so we’ll be able to proceed very, very quickly without any form of inspections.

We say we buy the property with no closing costs. Is that true? It can be. And so when we meet with you, we’re going to walk through a couple of different options in terms of how we purchase the property. And largely, it’s the language of the contract. So we can either write it in a way that we’re paying $85,000 and we will pay closing costs, or we can write the contract in option B where we pay $89,000 but you pay closing costs. So when we meet with you, determined by the language you are using as the seller, I’m going to put the contract together in a way that makes most sense for you.

So for some people, we’re going to talk direct seller net. That can get complicated, though, when there is a surprise closing costs we weren’t aware of, liens or encumbrances that we didn’t know about. So that’s often why, although we can buy property with no closing costs, often what we do is we put a contract together that’s standard. That way it’s easier for you to review with an attorney, with another real estate agent if you want to consult. There’s numerous different ways to put a contract together.

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