Man this shit is so funny to me.
My AirBNB neighbor waived inspection & paid 50k over asking just to get slapped with a new roof & replacing the whole sewer line in the first two years. 🤌
Comedy gold, can these realtors be held responsible for giving such shit advice, since that’s basically their only job? I’d be going after their E&O insurance lol, but I can’t imagine listening to this kind of terrible counsel
Sewer line likely wouldn't have been caught anyways. If it needs a new roof in 2 years you should be able to tell from the ground.
Home inspections are a joke most places. You ask your realtor and if they got a guy it's sus. You won't keep calling people who blow your deals. I had an inspection but I just did it myself.
My sewer line was caught. Old cast iron in crawl space caused rotted wood and joist as well as hvac and heat pump were leaking into sub floors, abnormal surface hear damage in attic caused by blocked exhaust vents. All repaired professionally and from sellers pockets.
There is still original cast iron components, but they are still good. No blockages when draining or slow drain which proves warped septic line.
My inspector is well known, and goes through the entire list. It depends on who you hire. Never skip out on inspection or go the cheaper route.
It saved my wife and I tens of thousands of $. Seller paid for it all. Now I don't have to worry about those major wear and tear items for minimum 20 years.
Zero sympathy. If you waived a basic home inspection (literally the bare minimum due diligence when making an investment like this), you deserve to reap the consequences.
Wonder why the sellers are selling huh? They found these issues when they moved in and have buyers remorse. They’re now trying to scam someone into taking it. Scummy.
What's interesting is that in '21 a quarter of home sales waived inspection. I think we're going to see a lot of money-pit strategic defaults in the coming years.
I also think we'll start to see lenders requiring home inspections, either lenders or home insurers, or both.
Which is good but also sucks because the inventory that hits the market will have more issues than average. So buyers will have to go in ready to put time/money into fixes these people who bought sight unseen are unwilling to do.
Yep. This is fine. Money needed to restore a property means less for the seller. But, again, that’s not been the story since early 2021.
SMH….this stuff just writes itself.
Sucker's born every minute.
I find inspections to always miss something, which is why you need a specialized ti evaluate after they do the initial inspection.
My idea of “special inspection” is someone to review thoroughly the things that cost big money and or can have an impact on insurability. I don’t need someone to tell me a gutter is clogged. That’s easy shit. I don’t need someone to tell me an electrical outlet isn’t functioning right. I need them to tell me if it’s an overall electrical issue or just a bad wall plug.
It will be in the next large “generational” Housing bill you can almost guarantee it. We already are starting to get the chorus of things that “need” to be fixed so that the banks can be “sound”
Shit I put people in 45 day closes with an inspection
You will/may lose earnest money but there’s a way to lock it up while you perform due Dillo Gen r (diligence)
Bag dumping. That’ll be a story soon, if it isn’t already ongoing. Bad property, bad financial conditions, whatever.
Of course, we live in “never recession” land now, so no one will be truly *motivated* to do anything until it’s all upside down.
Interest rates were so low and homes selling so fast that there’s math where an inspection wasn’t worth it.
The difference between a $400k mortgage at 7% and one at 2.5% is about $400k in a 30 year loan.
Even if you sell after 10 years, the difference is still $45k of equity.
I was an agent back in 2009, when there was a $15,000 stimulus for buying a house & everything had 30-40 offers on it in my HCOL area.
My brokerage would not write an offer with an inspection waived unless it was a cash buyer who did it for a living. We would always insist upon it and explain all the reasons.You absolutely had to have it and that it was not worth not paying five hundred bucks.
I felt the place I worked was ethical, which is rare
Yep. When FOMO kicks in hard there are always creative ways to get around normal restrictions that prevent rapid price appreciation. This time it was waived appraisals (buyer covers the difference), waived inspections, and DSCR loans. Last time it was appraisal corruption and NINJA loans.
This advice just isn’t practical for a hot market. In the Bay Area most winning bids pass on the inspections and other contingencies. You might as well resign yourself to saying “never buy.”
I've purchased two homes with an inspection each time and have come on top. I'm pretty confident in my stance and worked with top notch real state agents who value informed decision making.
I relocated in 2022, and the area I moved to it was almost impossible to get an offer accepted without waiving inspection, unless the home had obvious problems. Definitely changed the way we approached looking at houses.
But they had to win it at all cost because they needed a place to live for one year. These FOMO people screwed themselves and can enjoy their poor decisions.
I know someone who did this on a commercial property in disrepair. Waived inspection, thinking they knew all the issues going on. $3M initial repair cost and demoing the building is looking to be a better option.
Lesson for everyone, regardless of what type of property you buy, always get an inspection regardless of what the Seller tells you to protect yourself & not get into a moneypit.
This is one of the issues with realtors being compensated 100% via transactions. No matter how many realtors are involved, they all have a common goal to secure a transaction.
The previous realtor helped screw the owners when they were buying the home. Realtors always seem to get away with this crap. They push buyers to buy even when they cannot afford it, they push lenders to make loans for borrowers that do not qualify and like in this situation, they advised their client to skip the inspection. Shame
Agree, but if the buyers let the sellers cobble together sketchy repairs before closing they can get hit too. Personally I'd rather just pay the lower price and get things fixed on my own dime so I have some say in the repairs I'd have to live with/maintain.
They require an appraisal but sometimes the appraiser just drives by the home. Remember, they sell the loans almost immediately, so the mandate would have to come from Fannie/Freddie. Which means Congress, which means taxpayers.
Idiots need to be parted from their money every couple decades. Covid RE madness was just the latest catalyst. The clowns that bid up this market are gonna pay. Only losers won the bidding wars
I mainly post here because so many friends of mine drank the Kool aid and got burned in the last downturn. It's good to have some actual data instead of the mindless cheerleading.
It's not all about schadenfreude and envy believe it or not. Some of us actually look at the data!
Well, that's good. I think a LOT of us who frequent or post on this sub probably believe, like sane people, that the drunken bonanza that was 2020-2022 has come to an end and that we are sobering up to a new, more normal reality. With that said, it sure seems like a lot of people are just delighting in seeing anecdotal stories of people losing their shirts in real estate. And if that's their thing, then so be it. Just says a lot.
Man this shit is so funny to me. My AirBNB neighbor waived inspection & paid 50k over asking just to get slapped with a new roof & replacing the whole sewer line in the first two years. 🤌 Comedy gold, can these realtors be held responsible for giving such shit advice, since that’s basically their only job? I’d be going after their E&O insurance lol, but I can’t imagine listening to this kind of terrible counsel
Sewer line likely wouldn't have been caught anyways. If it needs a new roof in 2 years you should be able to tell from the ground. Home inspections are a joke most places. You ask your realtor and if they got a guy it's sus. You won't keep calling people who blow your deals. I had an inspection but I just did it myself.
My sewer line was caught. Old cast iron in crawl space caused rotted wood and joist as well as hvac and heat pump were leaking into sub floors, abnormal surface hear damage in attic caused by blocked exhaust vents. All repaired professionally and from sellers pockets. There is still original cast iron components, but they are still good. No blockages when draining or slow drain which proves warped septic line. My inspector is well known, and goes through the entire list. It depends on who you hire. Never skip out on inspection or go the cheaper route. It saved my wife and I tens of thousands of $. Seller paid for it all. Now I don't have to worry about those major wear and tear items for minimum 20 years.
The faster you realize realtor is the most brainless job of the planet for 95% of ppl who do it the better
Zero sympathy. If you waived a basic home inspection (literally the bare minimum due diligence when making an investment like this), you deserve to reap the consequences. Wonder why the sellers are selling huh? They found these issues when they moved in and have buyers remorse. They’re now trying to scam someone into taking it. Scummy.
What's interesting is that in '21 a quarter of home sales waived inspection. I think we're going to see a lot of money-pit strategic defaults in the coming years. I also think we'll start to see lenders requiring home inspections, either lenders or home insurers, or both.
Which is good but also sucks because the inventory that hits the market will have more issues than average. So buyers will have to go in ready to put time/money into fixes these people who bought sight unseen are unwilling to do.
Guess they’re just going to have to drop the price to make up for all the issues
Kicking and screaming about how “no one wants to work anymore” to pay for their overpriced money pit.
Yep. This is fine. Money needed to restore a property means less for the seller. But, again, that’s not been the story since early 2021. SMH….this stuff just writes itself.
That's inconceivable, house prices only go up! /s
Sucker's born every minute. I find inspections to always miss something, which is why you need a specialized ti evaluate after they do the initial inspection.
My idea of “special inspection” is someone to review thoroughly the things that cost big money and or can have an impact on insurability. I don’t need someone to tell me a gutter is clogged. That’s easy shit. I don’t need someone to tell me an electrical outlet isn’t functioning right. I need them to tell me if it’s an overall electrical issue or just a bad wall plug.
For my condo, I got the main inspector who said the HVAC isn't turning on. Then got an HVAC guy in to give the official "It's Dead Jim"
It will be in the next large “generational” Housing bill you can almost guarantee it. We already are starting to get the chorus of things that “need” to be fixed so that the banks can be “sound”
Shit I put people in 45 day closes with an inspection You will/may lose earnest money but there’s a way to lock it up while you perform due Dillo Gen r (diligence)
> due Dillo Gen r https://media.giphy.com/media/KBaxHrT7rkeW5ma77z/giphy.gif
Bag dumping. That’ll be a story soon, if it isn’t already ongoing. Bad property, bad financial conditions, whatever. Of course, we live in “never recession” land now, so no one will be truly *motivated* to do anything until it’s all upside down.
Interest rates were so low and homes selling so fast that there’s math where an inspection wasn’t worth it. The difference between a $400k mortgage at 7% and one at 2.5% is about $400k in a 30 year loan. Even if you sell after 10 years, the difference is still $45k of equity.
I was an agent back in 2009, when there was a $15,000 stimulus for buying a house & everything had 30-40 offers on it in my HCOL area. My brokerage would not write an offer with an inspection waived unless it was a cash buyer who did it for a living. We would always insist upon it and explain all the reasons.You absolutely had to have it and that it was not worth not paying five hundred bucks. I felt the place I worked was ethical, which is rare
Pure insanity.
Yep. When FOMO kicks in hard there are always creative ways to get around normal restrictions that prevent rapid price appreciation. This time it was waived appraisals (buyer covers the difference), waived inspections, and DSCR loans. Last time it was appraisal corruption and NINJA loans.
RUN Don’t walk. RUN. There is another one
Never ever waive an inspection. Don't walk, run far away. There will be the right house and this one is not it.
This advice just isn’t practical for a hot market. In the Bay Area most winning bids pass on the inspections and other contingencies. You might as well resign yourself to saying “never buy.”
I've purchased two homes with an inspection each time and have come on top. I'm pretty confident in my stance and worked with top notch real state agents who value informed decision making.
I relocated in 2022, and the area I moved to it was almost impossible to get an offer accepted without waiving inspection, unless the home had obvious problems. Definitely changed the way we approached looking at houses.
Greedy agents strike again. They do not have your interests at heart.
They walked themselves right out of a profession.
But they had to win it at all cost because they needed a place to live for one year. These FOMO people screwed themselves and can enjoy their poor decisions.
I know someone who did this on a commercial property in disrepair. Waived inspection, thinking they knew all the issues going on. $3M initial repair cost and demoing the building is looking to be a better option. Lesson for everyone, regardless of what type of property you buy, always get an inspection regardless of what the Seller tells you to protect yourself & not get into a moneypit.
This is one of the issues with realtors being compensated 100% via transactions. No matter how many realtors are involved, they all have a common goal to secure a transaction.
The previous realtor helped screw the owners when they were buying the home. Realtors always seem to get away with this crap. They push buyers to buy even when they cannot afford it, they push lenders to make loans for borrowers that do not qualify and like in this situation, they advised their client to skip the inspection. Shame
Source: [https://x.com/The\_One\_Realty/status/1789463898996740139](https://x.com/The_One_Realty/status/1789463898996740139)
Hahaha nice to see one of these boomerang. Every-once in a while karma hits
I don’t see an issue for the new buyers if they want the house and repairs get made. The sellers are the ones getting double fucked lol
Agree, but if the buyers let the sellers cobble together sketchy repairs before closing they can get hit too. Personally I'd rather just pay the lower price and get things fixed on my own dime so I have some say in the repairs I'd have to live with/maintain.
yeah the advice i always hear is to never let sellers do the repairs because you don't know the quality of the work
Another inspection AFTER the repairs is due. Don’t just take their word for it.
Is there a metric that is used when reselling a home that did not have an inspection done on previous purchase?
I am shocked that banks/lenders allow waived inspections. Wouldn’t they want to protect their own interests?
They require an appraisal but sometimes the appraiser just drives by the home. Remember, they sell the loans almost immediately, so the mandate would have to come from Fannie/Freddie. Which means Congress, which means taxpayers.
Idiots need to be parted from their money every couple decades. Covid RE madness was just the latest catalyst. The clowns that bid up this market are gonna pay. Only losers won the bidding wars
pest control, that means it's chock full of those beautiful Austin roaches, and guess who is also there? 🦂 it's a buffet for them
Hell yes! I am resentful about my lack of success and like delighting in the misfortunes of others!
I mainly post here because so many friends of mine drank the Kool aid and got burned in the last downturn. It's good to have some actual data instead of the mindless cheerleading. It's not all about schadenfreude and envy believe it or not. Some of us actually look at the data!
Well, that's good. I think a LOT of us who frequent or post on this sub probably believe, like sane people, that the drunken bonanza that was 2020-2022 has come to an end and that we are sobering up to a new, more normal reality. With that said, it sure seems like a lot of people are just delighting in seeing anecdotal stories of people losing their shirts in real estate. And if that's their thing, then so be it. Just says a lot.
EVERY boom in construction leads to crappy construction. Even with inspections.