BYPASSING HOME INSPECTIONS TO WIN BIDDING WARS A GROWING, DANGEROUS PRACTICE
Would you let your kids grow up in grow op? It seems some people are unwittingly doing just that. Home buyers in the current cut-throat market are waving home inspections as a condition of buying a home in an effort win bidding wars. Allan Spisak, chairperson of the Professional home and property inspectors of Canada says a buyer recently bought what appeared to be a beautiful, three-bedroom, two car garage home in the GTA that was once used as a marijuana grow up. “Whoever bought it probably never
Would you let your kids grow up in a grow-op?
It seems some people are unwittingly doing just that. Home buyers in the current cut-throat market are waving home inspections as a condition of buying a home in an effort to win bidding wars.
Allan Spisak, chairperson of the Professional home and property inspectors of Canada says a buyer recently bought what appeared to be a beautiful, three-bedroom, two car home in the GTA that was once used as a marijuana grow-op.
"They are going to move in and they're not going to know what's up there."
"What's happening in this competitive market," Spisak says, is people are bidding over-price with lower or no conditions in order to get that house."
The housing market in the GTA and Niagara has been red hot. Earlier this month, the Toronto Real Estate Board reported single-detached home prices in Toronto hit an average of 1.258 million in April, up a whopping 18.9% in once year. That works out to an increase of $550 dollars a day.
Ramona Kind, Real Estate specialist at MoneySense says not getting a home inspection is dangerous.
"You really need to understand what you are buying," she says, "you are buying a very large investment. So skipping a home inspection can lead to a whole host of problems later on."
Home Inspection horror stories
What surprises could be lurking in a house that doesn't get a home inpsection?
An asbestos-wrapped chimney pipe
An expired oil tank, without required plastic-coated oil lines
Rotten joists, not repaired properly, causing the floor above to sink three inches
No sign of leaks, but a moisture metre reads 64% wet.
More rotten wood joists, improperly repaired
Posted on: MAY 20, 2016 4:49 PM EDT LAST UPDATED MAY 20, 2016 AT 7:22 PM EDT