In the seller’s market, how should buyers inspect the house ?

Recently, the Canadian real estate market is so hot. I learned from many real estate agent friends that a house often receives a dozen or even dozens of offers, and buyers add 200,000 or more to grab a freehold house in very ordinary conditions. In some popular areas, the price of a house of the same type is already 300,000 higher than at the end of 2020, with an average monthly price increase of 100,000. Faced with such a market, many buyers do not know what to do, after all, how can they be assured of a house with hundreds of thousands or millions of dollars without asking a professional home inspector to check it out. In the past, when you bought a house, you could add inspection clauses in an offer. It’s normal to find an inspector to inspect the house calmly for two to three hours; now you can only inspect the house after you buy the house. They hope the inspector will not tell them that the house has major problems.

Nowadays, in the seller’s market in the Great Toronto Area, it has been very difficult to inspect houses before bidding or include inspection clauses in offers. However, it is not uncommon to find major defects in the house after paying the deposit or moving in. This situation greatly increases the buyer’s risk and even causes immeasurable losses. The buyer’s agent will also be under tremendous pressure.

So the question is, is there really no way for buyers in the seller’s market? Must bear huge risks? Of course there is a way, that is to continue to ask the inspector to “inspect the house”, but we don’t need to do a complete house inspection in every aspect. It only takes about 15 minutes to do a quick home inspection when the buyer is visiting the house. Quick home inspection is a kind of home inspection to protect their own interests when the buyer does not have enough time to inspect the home, especially in the case of grabbing an offer. It mainly inspects whether the house structure has major problems, whether there are Kitec water pipes, asbestos and water leakage in the water supply system, whether there are major cracks in the foundation and major problems of water leakage, whether the power system is old, and whether the important equipments work and so on. Some people may ask how necessary it is to do a home inspection without any tools in a few minutes. In fact, an experienced home inspector can use his  experience to quickly find out the various problems.

After a quick home inspection, the buyer can have an objective understanding of the overall situation of the house, minimize the risk.

Finally, I hope that all buyers can buy ideal and good houses.

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