Home Buyers Beware!

Winnipeg Buyers May Suffer Long-term Consequences if Home Inspections are Disregarded

WINNIPEG, MB (Tuesday, March 08, 2005) - As the real estate market in Winnipeg booms, home buyers may find themselves paying more than a property's asking price. And, in an effort to make an offer to a home seller more appealing, many real estate agents are recommending buyers submit their offers without inspection contingencies.

But "Buyer Beware," cautions Craig Merriam, owner of HouseMaster® Home Inspections in Winnipeg . "When it comes to buying a home, buyers often get burned when they let emotion or pressure cloud their decision, and decide to forego an inspection." Think about it this way, he says: A home seller who is inclined to accept an offer without the buyer's home inspection contingency (over other offers that have it), may be doing so because they suspect the property has some defects that could be uncovered otherwise.

Merriam suggests that real estate agents who advise their buyers to waive the inspection are being short sighted. Their intention may be to assist their buyer in getting the home they want, but in encouraging that they waive their home inspection, they can be putting themselves and the home seller at risk for a lawsuit after the sale has closed. In fact, according to North America 's largest Realtor organization, most lawsuits against Realtors are initiated by buyers over non-disclosure of hidden defects . Merriam comments, "If a buyer moves into their new home and uncovers serious problems, they may expect financial restitution. In such lawsuits, agents and sellers may find it difficult to prove that they were unaware that the conditions discovered existed."

To keep deals moving along in this "above-asking-price" market, Merriam suggests home sellers pre-inspect their homes prior to listing. Sellers can hire a reputable home inspector (with no stake in the sale of the home) to document the condition in writing, before the bids even start. Buyers can review the inspection report and make their offer without an inspection contingency, but with the peace of mind that they know what they are buying. Sellers and agents win because by having a professional, third-party home inspection performed, they reduce their exposure to lawsuits.

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