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Mike Mocek
  • Property Manager / Licensed Realtor
  • Toledo/Columbus, OH
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243
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Current Market: Are you waiving inspections?

Mike Mocek
  • Property Manager / Licensed Realtor
  • Toledo/Columbus, OH
Posted Nov 18 2020, 09:20

I am not sure how other markets are but the Toledo, OH (or NW Ohio) market is soaring through the clouds.  With very little inventory, investors are having to fight their way into properties.  I have seen everything from higher Earnest money being put down, full price (Or exceeding listing price) etc.  The biggest one that we have seen is, waiving the inspection contingencies.   

Most sellers are happy to receive an offer waiving an inspection contingency. For that reason, desperate buyers are all too willing to forego an inspection if it will land them the home of their choice.

So I guess my question is, How are you handling lost bids on these properties and who do you feel might benefit from waiving the contingency? Are you being advised that foregoing an inspection might be the key to getting that house you want? Obviously buying a home without an inspection is a gamble. For a home known to need a complete makeover, it may be a small gamble. For someone exhausting their funds to buy a home that appears to be in move-in shape, it may be a big gamble. Because it is you, as the buyer, who takes this gamble.

I personally push for home inspections on properties that any of my clients want to purchase.  I see a 50/50 chance that the buyer will decide to waive the inspection because they really want the property however, I have seen the same flip of the coin where a property is in great shape and we are good to go, and others are complete "hot messes" that need new roofs, basement sealing etc.  Just curious how others are handling the current market with similar situations.

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