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Strange things happen in hot real estate markets, and some of these things can be detrimental to sellers, buyers and the whole real estate experience. One such hot-market phenomenon is that some buyers decide to not make a professional inspection a contingency of their offer to purchase a home. Waiving the inspection contingency may help them prevail in a multiple offer situation, but it can prove foolish.
Fred Friedland, a REALTOR with the St. Francis Wood office of Prudential California Realty in San Francisco -- one of the nation's hot real estate markets -- says he has seen three all-cash, no-inspection offers in recent months. "I would never advise a buyer to not have inspections, but it seems it's being done," he says. "And they're the ones who are getting the property." Sellers naturally favor offers that don't contain an inspection contingency because it's tantamount to selling their home as-is. Regardless of the home's condition, the buyers can't insist on the seller making any repairs that aren't otherwise provided for in the purchase contract.
Of course, the buyers may not have much leverage in a hot market anyway because the seller may be holding formal back-up offers and other eager buyers may be waiting in the wings. Nonetheless, the risks to the buyer of not having a professional inspection as a contingency are considerable. "The buyers face a huge risk in terms of buying a property with an unforeseen defect," warns Friedland.
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1-662-455-9333 | info@bowierealty.com