We sold my parents’ house last year to a cash buyer w/no inspection. What we did provide was a one year home warranty (about $600). So worth it to ease their minds, expedite the sale, and get it done! Plus we also felt better about selling a 1950s house with a little protection for the buyer.
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Wow, that warranty cost is much lower than I’d expect. Sounds like a reasonable option.
We will consider the same for our 50’s house when time to sell. Home is half original and half replacements. We KNOW there will be plenty on an inspection report that has been fine for us, but won’t always agree with new owners. I’d rather offer a home warranty for a year or two, than be asked to update everything!
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Many sellers here do a pre-sale inspection and have a packet ready for anyone seriously interested in bidding on the house.
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Same for my DD in Berkeley in 2017; all houses had pre-sale inspections.
We are part of the problem. We own a 50’s ranch, which is a starter home for some but was the second home we purchased, in a desirable area with excellent schools, parks, and amenities. It was cozy for our family of five and will be downright spacious for two once the last kid leaves for college next month.
I know we could sell quickly, but why should we? Our mortgage is affordable and we still like the area. Mortgage rates are skyhigh now too so we would pay more for less. No thanks.
But I am sympathetic to young buyers trying to break into the market. There are a lot of folks like us who are staying put because it doesn’t make financial sense to sell.
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I have heard this but just not seeing ANY of that here - at least not in our price point!
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I’m not seeing that in my area either. If anything, houses are listed “as is”. Take it, or leave it.
Not a thing here, either. Even “for information only” is considered a poison pill, and the buyer isn’t asking for the seller to do the fixing. The disclosures are full of “don’t know” and “unaware of” statements and plenty of houses are “as is”.
But I see here, several people implying that while they wouldn’t want their own kids to buy without an inspection, they are happy to sell with preference for waiving inspection.
That is correct - I wouldn’t want my kids (or H and I) to not have an inspection. But am I responsible for a prospective buyer of my home to do their due diligence and have one?
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Well of course not. But my buying kid can’t really do due diligence if they know their offer will be summarily rejected because sellers don’t want to be bothered with any kind of inspection. We’re asking them to put down ask+20% and not inspect the place just to have a decent chance at their offer being accepted. Properties I see out here have greater potential for sketchy conditions not disclosed as “unknown” or “unaware of” or “as is”. And sellers feel entitled to want inspections waived.
Do I expect buyers to care? Not really. But I imagine that someone out there is capable of “I wouldnt want it for my kid, so I won’t do it to yours just because Ihave the upper hand”
This is what we were offered (by several parties). We chose the one which would bring us the highest selling price and this was a bonus. Why should we reject that?
OTOH - the house D and SIL were considering had MAJOR issues. Two beautiful fireplaces but neither worked and in fact would be dangerous if they tried. A room addition which was beautiful but neither heated (there was a space heater in there) nor cooled (this is in Minnesota). A few other big things. So glad they hired the inspector.
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I can see that… It’s not just happening on starter homes for first time owners. We have been shut out of two homes for bids with no inspections - one even sight unseen!
For homeowners selling with intent to buy another home this does also come into play because most people need to have the selling process happen to finish out the buying process.
Some people have the time or $ advantage to “do that right thing for the young buyer” - but many of us don’t.
In reality, it’s just a real estate mess for so many.
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My sister was looking to buy and in the city she was looking at quite a few had already had inspections done. Even with that info the houses were still being sold as is. The realtor told her that lessened the risk of buyers backing out after inspections as they went in knowingly. Several homes she looked at specified they were looking for no loan contingency.
In my city it’s seems lower priced homes are selling quick. The higher end seems to be sitting. Mind you lower end is still almost 2 million.
Our of curiosity I looked up how many “housing units” are in our zip code because I know that it is currently a very hot market in our city right now - and might definitely include those first time buyers looking to start/raise a family.
Zip code population: 29.2K people
Housing Units: 14,667 (this would include apartments I’m assuming)
Zillow listings for homes (not rentals) in zip code by agent: 17 (there are like 5 “by owner”)
I’m guessing this is not that unusual these days.
Why would you say that? It’s not my money. It’s my MIL’s money.
You had said, “We recently put my MIL’s house on the market…” To me also it sounded like this was a house inherited from MIL. Not that there would be any obligation in that situation to help the grandkids. But I do know some couples who have done that.
At age 100, she couldn’t exactly sell it without our help. But, nope, the money’s all hers as of now. My money’s on her being around till 108, so it’s a good thing she has the cash the support herself.
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We bought our first house when I was 29 or 30 (depends upon when we closed) and ShawWife was three years younger. ShawD just bought a two-family house and closed just before she turned 30. She got some help with a downpayment but got a pretty sizeable mortgage, in part because of the rental unit income. The bank do not count rental income she will get from a roommate or roomates.
Couldn’t decide if this article was best here or the Jones one. Hopefully gifted