waived inspections

[John Dirks Jr]

There are many forclosed and bank owned properties on the market. Many of these properties are sold "as is" with non-negotiable prices. Much of whatever sales are happening are in this category.

Do you think that there is a higher incidence of buyers waiving inspections on bank owned properties because of the non-negotiable status?

[Bill Kibbel]

Yes, I've heard some folks mention that they've waived the inspection. The smart folks get one before making an offer to the bank.

It's nothing like the amount of folks that submitted offers without inspection clauses back when there were multiple offers on each listing.

[Marc]

Do you think that there is a higher incidence of buyers waiving inspections on bank owned properties because of the non-negotiable status?

I never hear from buyers that waive the inspection so I don't know what the incidence of that is, but personally, I'd guess that most potential buyers of bank owned properties would still see the advantage of knowing just what problems and issues a particular home might have before making a purchase decision. I certainly have been getting quite a few foreclosed homes myself lately.

Marc

[kurt]

The one's I do are usually pre-offer. Folks want to know what they're bidding on.

The smart folks aren't swayed by the "as is" part.

I had a lot more waived inspections during the boom than now; folks were more caught up in the realtor sucker punch than they are now.

[mgbinspect]

Right now probably 50% of my inspections are foreclosures and short-sales. So, if that's any indicator, I'd agree with Kurt - most folks are getting inspections anyway. There were some times in downtown Richmond when buyers would get in bidding wars over properties and settle for $20k over the asking price and no inspection. It was crazy then. But most folks want to know what they're getting into with a foreclosure especially, since the utilities have been off.