I’ve explained that once these homebuyers start suing their agents for allowing them to put in offers without inspection contingencies, no agent will ever do it again and home inspections will become essentially inescapable on every real estate transaction. No broker is going to permit their agent to submit offers without inspection riders. Well… it’s happening:
This quote from the article: " The freewheeling era of waived inspections may be coming home to roost, as a growing number of recent homebuyers are pointing the finger at their real estate agents — in court."
Inspections are already increasing: InterNACHI's Pending Home Sales Indicator up for second month in a row
It’s about bloody time.
Maybe the real estate industry will finally see how so many real estate agents are truly to blame for the fox watching the hen house, and something meaningful will get done.
Greed always leads to trouble.
hope it catches on around here, loads of folks still waiving them… although there are at least a dozen suits I’m aware of…
I know some agents are having their clients waive inspections in this area but most of them are only waiving the inspection “contingency”, not the inspection. Or writing the offer so the buyer has the right to terminate the contract based on the inspection but don’t have the right to negotiate repairs based on the inspection. In MD, the buyer has the right to terminate their contract if “latent” defects are discovered after ratification. So the inspections are still getting done to a large extent. For me, the issue isn’t waiving inspections, it’s 40% less houses on the market since 2022.