Home buyers passing up on contingencies and inspections, local realtor gives advice
DELMARVA – With mortgage rates on the rise and housing inventory low, a new concern has come to the home buyers market. Apparently, some home buyers are choosing not to pay for an inspection or contingencies, and according to a local realtor, that could cause some problems.
Richard Barr, COO with Maryland and Delaware Group of Long and Foster Real Estate says it’s a seller’s market right now, so there are typically multiple offers on a house. Barr tells us, to have the best chance of a winning bid, some home buyers are choosing to forego contingencies and inspections.
However, we’re told there could be major problems with the house that you can be stuck with, forcing consumers to spend way more than they initially thought. “Buyers need to know the true condition of their home before moving forward, so it might be calm years in the next two years, but it’s a little bit of a double-edged sword not to do it at that,” says Barr. He adds, “I think going into it with your eyes wide open really makes sure that you have a plan, really make sure you and your real estate agent understand what you’re getting into.”
Barr also says, if you choose to pass up on the fees then an option is to bring in an experienced home renovator or inspector to a home viewing to get a general idea of repairs needed. Homebuyers should do an extensive amount of research themselves, before signing on the dotted line.