Posted by: coconews | May 21, 2008

It’s a red hot real estate market, I may lose out on my buying my dream home if I get a home inspection done, should I skip it? All homes are well built; why bother with a home inspector? A home inspection is a waste of money isn’t it?

Buying a home is an emotional decision at the best of times.  When the real estate market has limited inventory and the real estate market is hot, you may lose out on purchasing a home to other bidders. You may end up getting involved in a bidding war over a property too.  Of course, in an effort to buy your dream home faster you might decide to pass on a home inspection altogether.  After all the less subjects you place on an offer the more attractive it becomes to a seller to accept your offer over all the other offers, right?  

Things you may want to know…

Buying a home based on emotion and desperation can have its drawbacks.

Here are some news links of home buyers who wanted to own a home so desperately that they decided to pass on getting a home inspection altogether.  

Couple’s dream home turns out to be a bat cave

Buyer wants out of deal to purchase infested mansion

Don’t buy without a home inspection

There were a lot more examples I came across of plumbing/flooding issues, electrical issues, fire hazard issues, structural issues, perimeter drainage issues, etc.  from buyers who failed to hire home inspectors.

Is not hiring a home inspector worth the risk?  

Remember…

Try not to let your emotions get the best of you when purchasing a home. Consider home buying like buses, if you wait long enough another one will come along. 

 

Posted in buying a home, home inspections | Tags: , ,

« Why do they consider it a conflict of interest when a real estate agent recommends a home inspector?
Why is a home inspection denied? I really want to buy that home, but they are not allowing me to have a home inspection, is something wrong? Does a seller have the right to refuse entry to my home inspector? »

Responses

I’m doing a few threads on the various aspects of home inspections or in the case of this thread, the dangers of not having a home inspection.

If you purchased a home without a home inspection or know of someone who purchased a home without a home inspection and later regretted the decision, please help out others by telling us your story.

Of course, all other comments on the dangers of not having a home inspection are welcome too.

By: coconews on May 21, 2008
at 5:40 am

Strange but True RE story,
10pm.
Buyer’s offer is highest but with inspection clause. Seller says no to inspection clause.
Buyer’s offer seller extra $25,000 to wait till 12 noon of the next day to get inspection.
Seller says no to the $25K and accepts lower bid without inspection clause.
What did the seller know or what circumstance existed that wasn’t being disclosed?
Inspection - absolutely!

By: Larry Yatkowsky on May 21, 2008
at 6:06 am

Larry,

Interesting that you mentioned this story considering the next thread I’m already building in the background is about home inspections/inspectors denied.

By: coconews on May 21, 2008
at 6:30 am

I had no idea that British Columbia had so many problems with leaky condos until after I moved here. I purchased a condo without a home inspection and it turned out to be a leaker.

A good home inspector would of saw all the signs, but I thought I could have saved some money by not hiring one. Instead of spending a few hundred dollars for a home inspector, I have spent thousands and ended up in a lot more debt than I originally planned.

By: Anonymous on May 21, 2008
at 6:58 am

Coco
there are a million RE stories in the big city. You only here the ones that aren’t pretty.

By: Larry Yatkowsky on May 21, 2008
at 7:53 pm

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