When more than one buyer is interested in a property it creates a unique situation for both the home buyer & seller. When there are multiple offers (or competing offers) buyers may be tempted to exclude a clause in their offer making it conditional upon a home inspection.
For a seller, this might be attractive at first blush however the buyer may learn later that things weren’t as they first seemed and come back against the vendor. No matter who might be successful at the end of the day, it has the potential for being an unpleasant experience…for seeming a short term gain.
RECO (Real Estate Council of Ontario) says that buyers who exclude a home inspection clause in their offer to purchase “may later learn that there are property defects, required repairs or needed upgrades that you weren’t aware of. In some cases, this can be expensive in the short or long-term. Foregoing a home inspection is a significant risk that a buyer needs to carefully consider.” Not surprisingly, we get calls after the fact to inspect those homes when recourse options are few.
If you are making one of the multiple offers, protect yourself…get it inspected!