Forgoing a home inspection? How buyers can protect themselves in competitive markets
BNN Bloomberg
Searching for a house in the Oshawa, Ont. area this winter, prospective homebuyers Nadeem Sumar and his wife Gurleen Saggu knew it was their job to keep a close eye out for anything that seemed questionable, from a crack in the foundation to a mysterious water stain.
Searching for a house in the Oshawa, Ont. area this winter, prospective homebuyers Nadeem Sumar and his wife Gurleen Saggu knew it was their job to keep a close eye out for anything that seemed questionable, from a crack in the foundation to a mysterious water stain.
"We had some strict guidelines," Sumar said. "If there were any red flags at all, we just wouldn't go for that property at all."
In 2022, many Canadians with no experience in construction or home repair are suddenly finding themselves in the position of evaluating shingles, gutters and caulking.
That's because, like Sumar and Saggu, they're competing for a home in the country's red hot real estate market — a market where the home inspection clause, once considered a standard and essential part of any real estate contract, is no longer an option in many locations.
"We put in about 12 or 13 offers," said Sumar, adding the couple was ultimately unsuccessful in finding a home and have decided to wait a few months to see if things cool off before trying again.
"We knew that putting an inspection clause in was not even a possibility."
