The woman had just bought a house an investor flipped in Montgomery County
She skipped a home inspection to compete against other buyers and, a couple months ago, she asked inspector Ben Poles to take a look.
As part of his usual examination, Poles, who owns Rest Assured Inspections in Pottstown, filled up the tub in a second-floor bathroom. The water didn’t get hot. When he went downstairs to investigate the cause, he saw that wasn’t the homeowner’s biggest problem: Water was pouring through the ceiling, and the drywall was coming apart.
“When I was borrowing paper towels from the neighbors, I was thinking: This is why you get an inspection before you buy the house,” he said. “Because now it’s on you to fix things.”
He called the homeowner, and “you could hear her heart just sink.”
To make offers more attractive in a strong sellers market and to beat competitors, buyers are continuing to skip home inspections, which are meant to protect them. And they’re doing so at rates the real estate industry has never before seen. Inspection contingencies let buyers back out of a deal or try to get sellers to pay for repairs before a sale.
“In this white-hot market, buyers feel the pressure to make all sorts of concessions,” said Angela Giampolo, managing attorney at Philadelphia-based Giampolo Law Group, which mainly represents members of the LGBTQ community.
It can be a winning — if risky — strategy for some.
“For better or for worse,” said Scott Reidenbach, founding principal of Reidenbach & Associates, based in Wayne, “you now have the house.” And some buyers find themselves in the “worse” category.
The Montgomery County woman with the destroyed bathroom was one of several of Poles’ clients who waived the home inspection and then later told him, “we just want [one] for peace of mind.”
🔥Why You Should Invest in Commercial Real Estate🔥 Why You Should Invest in Commercial Real Estate – Amidst the rising new trend of returning to office with optimism, there is a strong uptick in commercial real estate. Investing in Commercial Real Estate (CRE) assets has become more cost-effective and less time-consuming, thanks to the introduction […]
Real Estate Investing Gurus – Top Tips I’ve Learned Real Estate Investing Gurus – Top Tips I’ve Learned – Everybody learns from somebody, and, when it comes to real estate investing, I definitely have spent considerable time and money studying flipping “at the master’s feet.” I’d like to share the top tips from the top […]
💥Real Estate Strategy 2 Years Into The Pandemic💥 Real Estate Strategy 2 Years Into The Pandemic – COVID-19 has changed the world as we know it. Everything from where we live and work to how we value and spend our time and interact with each other has dramatically shifted in the face of the challenges […]