The trend to wait and have buyers pay for inspections during escrow has shifted. Instead, listing agents, I included, are emphasizing the importance of giving all of the facts to the buyers up front. A buyer with better information, can make a more informed decision, and, in turn, write an offer that is not as heavily hacked later, during the investigation period.

That said, an agent recently hinted, okay strongly urged, me to ask my client to remove inspection contingencies in writing prior to acceptance of our offer. I was told that we had a really good chance of winning the bidding war. I relayed the information to my client who was wisely displeased with this agent’s tactic. We had every intention of bringing in a contractor to review the reports while looking at the house together,
as the reports led to many questions.

Unfortunately, removing inspection contingencies up front is a common tactic in winning a bidding war. Sometimes, it makes sense to comply. In this case, removing inspection contingencies seemed rash. So, I enlisted the help of my husband, Michael, who was able to decipher and explan in better detail the inspection reports.

Yes, the home was EXTREMELY affordable in today’s market. And so, the need for future repairs was definitely understood. But, to what extent did this freshly painted, floored and staged, very cute, home need help?

Well, the gutters were falling down. That was my first clue to really dig into these reports. How does that happen except through years of neglect, unless a tree recently fell on them? Inspections that uncover deferred maintenance should not be glazed over, especially when the home is freshly painted and staged.

Michael was able to help us understand the deeper issues, including electrical, foundation, and mold remediation problems. Though these problems could likely be remedied, the need for repairs was both immediate and costly.

Consequently, this home was better left to a contractor. Even with its issues, the home was an excellent buy for the right buyer; just not for my buyer. My client very smartly rescinded the offer and we’re off to find another remarkable home!

 

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