From Realtor Terry Black
Is it a good idea to waive all conditions with an offer to purchase a home? In a hot housing market such as we’ve seen in HRM it is most common to be competing with other buyers when submitting an offer. Mind you it may recently be 2 or 3 other buyers or half a dozen that submit an offer when you do rather than a dozen or more last year this time. However, it is still most commonly happening. This for sure for homes that are in top shape and priced correctly.
Inventory is once again in 2021 at historic lows as the past many years and so are interest rates in a city that is growing in population. I’d expect multiple offers the way of the future for quite some time.
I recently spoke with another Realtor whose buyer wrote offers every weekend for 12 weeks in a row….and didn’t get one accepted offer. Sounds like a 3 month bad weekend. Any realtor would consider more than once getting a different line of work in that scenario. For a buyer that has written offers on several different properties and not been accepted as the top offer it is very frustrating and for sure is concerning.
They wonder when prices will stop rising and when other people will just stay at home. The silver lining is that most people this year are not buying properties without seeing them in person. So, most out of province buyers that want to live in the property bought are not buying if they are not in the province. However, investors have filled their shoes.
Bottom line it is risky…..very risky to submit an offer that has no conditions. I’ve never done it and most buyers won’t do it in HRM. It’s far and away a GTA thing. If you do it I’d want to take a very knowledgeable contractor with me on the viewing. One that knows electrical, plumbing, framing and foundations like the back of their hand. I’d even have a step ladder and a bright flashlight to look in the attic. Because you have one chance to get it right. if you don’t have somebody who is a property know it all you may well regret it that you didn’t have any inspection at all. If you have to pay them to be there….do it. A 20 minute water leak can cause $20,000 in damage and a structural issue can cost a lot more.
So, I understand the frustration. You may have to stick where you are for now and step out of the market for a time. Or buy a less expensive type of housing or location if possible. If you are removing conditions with the offer only to find out later that you cannot close the sale because you had a money problem or find a major issue with the home after closing…..either situation can cause a major headache that will financially follow you for a long time.