The Columbus Board of Realtors says that the housing market in the Columbus Metro Area is booming, but the number of available homes is not keeping pace with the current demand. Some buyers are waiving the purchase contract’s home inspection and appraisal clauses in this competitive market to secure a deal, even if it means taking on additional risks. Unfortunately, this practice can have serious consequences for buyers.
NHIS, a company specializing in home inspections, has observed that many homes sold without an assessment in the past three months have serious issues such as failing foundations, mold in the attic, roof system component failures, and other hidden defects. These problems could have been detected and remedied during a routine inspection by a licensed home inspector.
Many buyers who skipped the inspection are shocked and upset when they discover these issues after closing. They often claim that the seller must have known about the problems and failed to disclose them. NHIS believes real estate agents should make every effort to ensure their clients get a home inspection before closing. One suggestion is to ask for “0 remedy days without giving up the right to an inspection.”
NHIS has been involved in lawsuits on behalf of homebuyers who waived the home inspection and/or appraisal clauses and are now litigating against sellers who failed to disclose apparent problems that were later discovered. In one case, a home was deemed uninhabitable, and the buyer had to find temporary housing.
NHIS has been providing home inspections for almost 30 years, and the company hopes that this information will be helpful for anyone involved.
Michael J. Metzger, President
