NYC house prices are insane

AustinSN

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That's normal in Sweden. A price increase of 30% of a property during bidding isn't uncommon at all.
You're "lucky" if you can buy it for asking price. Lower than asking price? Forget about it.

I don't know how it is in the US but here in Sweden the buyer takes full responsibility for every fault in the house that could be located by crawling underneath it, going up the attic etc. Basically everything that can be noticed without tearing down a wall.
I have no idea how anybody can properly inspect a house when there's 50 other people inside it...
Typically after you put in a bid, if it's accepted you hire a company to do an actual inspection. If it fails inspection you can request the buyer either decrease the price, repair the issues, or the buyer can back out (generally within the contract). In some circumstances, investors will just purchase a property without inspection or appraisal. Those are typically cash purchases though, for normal people who get mortgages, the lenders require inspection and appraisal prior to forking out cash to verify the property has value.
 

Tifosi2003GT

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My neighbor sold his house in 1 day.. 7 offer's and the house sold for $365,000 about $50,000 more than its value.. I'm in central Rhode Island... Crazy market
 

Lemmiwinks

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Typically after you put in a bid, if it's accepted you hire a company to do an actual inspection. If it fails inspection you can request the buyer either decrease the price, repair the issues, or the buyer can back out (generally within the contract). In some circumstances, investors will just purchase a property without inspection or appraisal. Those are typically cash purchases though, for normal people who get mortgages, the lenders require inspection and appraisal prior to forking out cash to verify the property has value.

It's similar over here.
You put a clause in the contract for an inspector and that you can withdraw based on the inspection or let the price decrease with the cost of repairs.
 

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