I’ve been house hunting for months and finally found a great house, but I know there’s going to be a lot of interest. I know everyone says I need a home inspection, but I’m afraid I’ll lose the house if I put any conditions on the offer. Should I ditch the inspection?
Finding the right approach to offer conditions, is hot button topic these days, especially in the Toronto market where multiple offers have become the norm. Sellers with multiple potential buyers will often look to offers with the minimum of conditions, and the home inspection clause is often one of the first to go.
My advice: Don’t succumb to temptation or pressure to ditch a home inspection. If a client wants to skip the inspection, I always outline the ramifications.
Savvy buyers do have several options to protect themselves while staying competitive in the marketplace. Let’s take a look at the most common scenarios and some options to better equip yourself for success:
Scenario 1: You are not in a multiple offer situation
This one’s simple: put in a home inspection clause. If you get any resistance from the seller, you can offer to tighten up the timeline for the home inspection as a negotiation chip (perhaps 2 business days instead of the standard 5).