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Answers - Buying a Home? Hire an Independent Home Inspector
Have you noticed an interesting trend?
It seems that more and more home buyers are hiring their own Home Inspector rather than depending on the agent's recommendations. Through the grapevine, I have even heard of buyers NOT using an inspector only because they were recommended by the Realtor. Although the vast majori
It seems that more and more home buyers are hiring their own Home Inspector rather than depending on the agent's recommendations. Through the grapevine, I have even heard of buyers NOT using an inspector only because they were recommended by the Realtor. Although the vast majori
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ty of buyers still use the inspector recommended by the agent, it is slowly changing. As home prices continue to rise, and buyers understand the purpose of the inspection, they are learning that an inspector recommended directly by the Realtor may not be, (or just as bad, may not appear to be) working in their best int
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
rest.
Despite what this may sound like, this is not an anti-Realtor rant. In fact, I firmly believe that one of the prime beneficiaries of this trend is the Realtor. If the buyer hires a poor inspector, they have no one to blame but the inspector, or themselves for not being thorough during the hiring process. The a
Despite what this may sound like, this is not an anti-Realtor rant. In fact, I firmly believe that one of the prime beneficiaries of this trend is the Realtor. If the buyer hires a poor inspector, they have no one to blame but the inspector, or themselves for not being thorough during the hiring process. The a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ent can walk away with clean hands.
Home inspectors market directly to Realtors because it is easy to do and they can get all the clients they want if they spend all their time dropping off cards and brochures at Brokers' offices. In rare, but documented cases, some inspectors have even payed a fee to be included in a
Home inspectors market directly to Realtors because it is easy to do and they can get all the clients they want if they spend all their time dropping off cards and brochures at Brokers' offices. In rare, but documented cases, some inspectors have even payed a fee to be included in a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
Broker's list of "preferred inspectors". Realtors use these inspectors, because they know that if the inspector wants repeat business, they will make the inspection process short and sweet. For the most part, agents want the process to go smoothly and quickly. They want the house sold, collect the commission, and mov
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
on to the next home. In the meantime, the buyers move into their dream home, filled with the joy of home ownership, only to discover that the plumbing is defective, the AC compressor needs to be replaced, and the windows in the back bedroom don't open because the foundation has settled excessively. Well, now it's re
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
lly going to hit the fan, and guess who they're coming after? The buyer blames the agent, the agent blames the inspector, and everybody gets sued. But what if the inspector had been hired by the buyer? In that case, the inspector is solely responsible for his own mess, and/or the buyer can blame themselves for not do
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
ng a little more research.
The important questions in the scenario above are; Did the inspector really overlook the defects, or did he ignore them, or "soften" them so that the deal will close quickly, and the Realtor will continue to give him referrals? Did the Realtor recommend this particular inspector because sh
The important questions in the scenario above are; Did the inspector really overlook the defects, or did he ignore them, or "soften" them so that the deal will close quickly, and the Realtor will continue to give him referrals? Did the Realtor recommend this particular inspector because sh
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
knew that the inspector would do a 1 hour inspection, write a quick, "checklist" report, and give a few estimates, (under the amount in the contract agreed upon for repairs, of course) and most importantly, "not break the deal". We all know this happens, and too often.
I inspect home in Oklahoma. Oklahoma is rare in
I inspect home in Oklahoma. Oklahoma is rare in
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
many ways, and one of the main differences between this state and many others is the relatively low number of lawsuits related to poor inspections. Sure, it happens, but not nearly as often as in other states. In the future, this will change as well. The more people become educated about their rights, the more likely
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
home inspectors, and even Realtors, will get sued for bad inspections.
How do we avoid this? It's simple...
If you're a Realtor, stay out of the inspection process, and don't recommend any inspectors at all. At the risk of sounding rude, the inspection, and inspector/client relationship is none of your business.
How do we avoid this? It's simple...
If you're a Realtor, stay out of the inspection process, and don't recommend any inspectors at all. At the risk of sounding rude, the inspection, and inspector/client relationship is none of your business.
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
In fact, by default, you do not even have the right to receive, or see the report. It belongs to the client and can only be released to you, by the client, or by the inspector only if the client gives written permission to do so. Let the inspector and the client hash out the inspection and the findings, and when it
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
s all over, the client will let you know whether it's thumbs up, or down on the home. If it is thumbs up, you can help your client deal with the concerns found during the inspection. If it's thumbs down, then the next step is simple: Find the client another home, and be thankful that your client is not moving into a
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ome that is in bad shape.
If you're an inspector, the first rule is to "write hard, and miss nothing". A good, thorough inspection is the best way to leave a client satisfied, and reduces your liability. It is also very important to understand that your client is most likely very scared and nervous during the home b
If you're an inspector, the first rule is to "write hard, and miss nothing". A good, thorough inspection is the best way to leave a client satisfied, and reduces your liability. It is also very important to understand that your client is most likely very scared and nervous during the home b
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ying process, especially if it is their first home. For most of your clients, it is the largest investment that they will ever make. Their decision to buy or not is almost exclusively based on your comments and your report, so you have to tread carefully. UNDER-stating a defect will likely end up with an unhappy clie
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
t, but OVER-stating a concern can scare the buyer unnecessarily, and get you in hot water with the seller. What is critical is to forget making the Realtor happy. Never, ever, ever be concerned with making anyone happy but your client, and your client only. You can only serve one master, and that should always be you
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
client. If the Realtor is truly looking out for their client's interests, a good, thorough inspection (even if it breaks the deal) should not be a concern. On the other hand, be aware that if you call a hairline crack in the garage slab "foundation failure", you are not serving your client well, and you may see the s
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ller reach for the phone to call their lawyer.
If you're a buyer, I recommend that you take on the responsibility of hiring your own inspector. The reasons to do so are good, and numerous. In addition to the examples given above, here is another way to look at it: If you are buying a used car, don't you want your o
If you're a buyer, I recommend that you take on the responsibility of hiring your own inspector. The reasons to do so are good, and numerous. In addition to the examples given above, here is another way to look at it: If you are buying a used car, don't you want your o
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
n mechanic to check the vehicle for serious damage? Sure a used car dealer may advertising their "500 Point Inspection!", but really, how sure are you that they checked the vehicle as well as someone who is looking out for your interests only? Remember , they really want to make the sale... While this example is not
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
uite the same a buying a home, there are parallels. Regardless, finding your own inspector is not difficult. Many home inspectors are now advertising in many different places, and a simple web search can yield many results.
Buying a home is stressful enough. Hiring your own inspector can help make it a little less so
Buying a home is stressful enough. Hiring your own inspector can help make it a little less so
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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