Competitive home buyers waive contingencies to score homes

Source: Michele Lerner, Washington Post (Paid Registration)

Like many of today’s buyers in the excruciatingly competitive housing market, people sometimes opt to waive contingencies that protect buyers in the hope of getting an offer accepted.

“I never recommend buying a home without a home inspection,” says Antonia Ketabchi, a real estate agent in Md. “The best option now is to pay for a pre-inspection before making an offer. Unfortunately, this can get expensive for buyers who end up making five or 10 offers before they get a house, but it’s worth it to avoid buying a house with problems.”

“An abridged, pre-offer inspection includes a look at the structure of the house, the plumbing, the electricity and the age of the appliances, but buyers won’t get a written report or photos,” Ketabchi says.

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