Ask Debi, Is it worth it to pay for a home inspection?

Hi Debi,
We just had our offer accepted on a newer house in the Peoria, Arizona area. The home was built in 2006. The house looks like it is in pretty good shape and the seller has indicated that they will not fix anything. Do you think we should get a home inspection and what would be the point if the seller will not fix anything?

Sincerely,
Analyzing Annie

Dear An
The short answer to your question is yes, you should get an inspection. Regardless of whether or not the seller will fix anything it is a very good idea to know of any major issues the house may have. This information can be used to cancel the contract if you find a very costly deal breaker of an issue. It is also possible to negotiate with the seller if you still want the home but find an unexpected and costly repair.
The cost of an inspection is typically $350-$450 and the piece of mind that you gain in knowing all that you can know about this momentous purchase is incomparable.

Ask Debi, Short Sale Timelines

Dear Debi,
My husband and I just put in an offer on a short sale. Our agent told us that the offer was accepted by the seller but we have to wait for the bank to approve it.  How long should we expect to wait until we can close on this house?
Sincerely,
Ready to Move

Dear Ready,
Congratulations on getting an accepted contract! A short sale can take anywhere from 2-4 months to get approved. There are a few questions you can request that your agent ask the listing agent in order to get a better idea how long of a wait you are in for.

1. How many lenders does the seller have? If there are two lenders this means two approvals which will take about twice as long. 
2. Has the seller submitted the paperwork to the lender? If the seller has not submitted the paperwork yet it may add additional time for the approval. 
3. Which mortgage company is the seller working with? Some mortgage companies post their timeline on their website.

This is not an all encompassing list of questions but just getting answers to these three will give you an idea of how knowledgeable and responsive the listing agent is and you can gauge the time line from there.

You may also want to ask your agent to request weekly updates from the listing agent. You may get a few updates of "nothing happened this week". Do not get discouraged, this is not unusual. 

Good luck with your short sale and remember that your patience will pay off!

-Debi