A recent online article in the Tennessean.com echoed the sentiments that many here in the GTA have remarked regarding the value of home inspection in a sellers market.
“I am a single woman trying to buy a home here in Nashville and after going through the challenges of winning multiple offers on three contracts, I am still homeless. In each case I could not get the sellers to take care of what I requested from the home inspection results, so I chose not to purchase. My question is, why can’t sellers understand that if they are going to require a premium for their home because of the area they live in, they should also be willing to make sure their home is in near perfect condition. — Shelby in East Nashville”
What you will see by the response in the article (listed below) is that there needs to be a clarity in the type of value you are expecting to obtain for your money in a hot real estate area, and more specific to this woman’s question, the specific value that you are going to obtain from getting a home inspection from a certified and experienced inspector.
“First, it’s important to understand that by its very nature, a seller’s market is exactly that, all is in favor of the seller….It’s great that you are negotiating your offers to purchase with the caveat of obtaining a satisfactory home inspection. But after three failed attempts, one of two things may need to be adjusted. That is, either your expectations of what is really important when considering the overall condition of your next home and/or possibly the inspector that you are using.”
The implication here is that perhaps the older homes will ALWAYS rate low on an inspection because many of them simply do not live up to the building and code standards that a trained home inspector is looking for. This does not mean that the inspection is not a valuable exercise. While it may be true that in a hot market a seller may simply say take it or leave it when faced with repair requests based on an inspection, it is also true that at least you know full well what you are getting into. Perhaps a home inspection in a sellers market will not result in lowering the price commensurate with any discovered repair issues. However if you choose to go ahead with an offer a licensed and experienced inspector enables you to do so eyes wide open and know what you are getting into, not just on closing day, but possibly for years to come.