I had an interesting experience last night. Representing buyer clients, I presented an offer on a home that they were interested in. The offer was quite decent offering slightly more than the asking price (we were in competition against another offer), with a few normal clauses that protect the buyer. The normal clauses I'm talking about included a home inspection clause - a very common clause.
I won't let my buyer clients purchase a home without a home inspection clause. Not doing a home inspection is to me, one of the greatest ways you can get into trouble when buying a home. Why, you ask? Well, first we have to remember that real estate salespeople are just that - we're salespeople. Typically, we're not structural engineers, plumbers, electricians, roofing experts, HVAC experts, etc. And that's why I strongly recommend a professional home inspection when purchasing a house. Hire a professional to give you a report of the house as they see it.
The home inspectors I recommend are members of either OAHI (Ontario Assn of Home Inspectors) or InterNACHI (International Assn of Certified Home Inspectors), and they must meet certain standards to be members of these trade assocations. Yes, a home inspection costs a few hundred dollars - well worth the peace of mind. The bonus? My clients earn a great education about the home they are buying.
So now you're wondering about the interesting experience. Well, it was a classic offer presentation where my buyer clients waited outside in the car while I presented their offer to the Sellers (we presented our offer second, after the other offer). I came back outside while the Sellers contemplated the two offers and then the Seller's real estate agent came outside to let me know that our offer was not being considered because we wanted to do a home inspection. From the car, my clients heard the other agent tell me that is why our offer was rejected. Were my clients upset? No. Instead, we were all horrified that the other offer didn't include a home inspection clause. We couldn't fathom why the other Buyers would consider buying a home without this important step. Either their agent didn't protect them, or they were willing to take a huge risk on the condition of the home.
I need to let you know that this wasn't a newer home - it was about 45 years old. From our showing of the home, we could tell that it needed some work i.e. roof shingles to be replaced, aging furnace, non-grounded electrical outlets in the garage, etc. But what about the "hidden" defects? Because of the age of that particular home, it is very possible that there might be vermiculite insulation - this type of insulation sometimes contains asbestos fibres. Or, there might be asbestos insulation around the hot water pipes. Not knowing what you're getting into is simply too risky. This is why a professional home inspection is so important - these types of issues get identified.
So, our search continues for the right house. I know we'll find the perfect home - but we'll still get a professional home inspection just to make sure.
And, when you're ready to make a move, give me a call. I'm ready when you are.
Professional service. Expert advice.