AboutRussel Ray Expertise Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run.
I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more.
I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.
Experience Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.
Organizations National Association of Certified Home Inspector, Better Business Bureau of San Diego
Education/Credentials Graduate of Texas A&M University; College Station, Texas
Expert: Russel Ray Date: 6/28/2008 Subject: waiting for acceptance of an offer
Question We made an offer on a home that is up for quick sale through a bank. How long can they take in letting us know if our offer was accepted ?
If this makes any difference, the sale is in Texas.
Answer Hey, Donna.
Native Texan here. Born in Kingsville and graduated from Texas A&M.
"Quick sale" might be a misnomer. Banks and mortgage companies right now are way overworked trying to work with those in financial trouble and get rid of properties that they already own. Here in San Diego it's taking a couple of weeks for banks and mortgage companies to get to any one purchase offer. In many cases, there are multiple offers on properties here again, so they try to make sure that they have all the offers on any one property so that they can take the highest bid.
There are a few companies here that are running months behind. By the time the bank got to the purchase offer, the prospective buyers had become frustrated with the lack of a response, went and found another home, made an offer on it, closed escrow, and moved in.
All purchase offers have a date by which the other party has to perform, typically 24-72 hours. So even though you signed the purchase offer, and the bank might sign it three months later and send it back to you, you don't have to honor it since the date to perform has long since passed.
If you're in a big city or working with a big bank, you might be wise to keep looking. If you're in a small city or working with a smaller neighborhood bank, you might have more success. It all depends, though, on just how many problem loans they are trying to work with, and how many properties they already own.
