Stan & Stelli Stanchev | Team 3000 Realty | Call Us Today: 778-866-4654

Bypassing home inspections to win bidding wars a growing, dangerous practice

Bypassing home inspections

Bypassing home inspections

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 looked in the attic,” he says, pointing out that a home inspection would have spotted black mould in the attic, a result of the grow-op.

“They are going to move in and they’re not going to know what’s up there.”

Watch Video>>>


Related stories:

How crazy are house prices in Toronto? They’re 356% higher than in 1996

Average cost of GTA home now over $1,000,000

Potential home sellers in Vancouver, Toronto worried about becoming buyers: report

Toronto and Vancouver markets charge ahead despite mortgage rule changes


He estimates 6 out of 7 home owners are by-passing home inspections these days.

“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 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 per cent in one year. That works out to an increase of $550 dollars a day.

Romana King, Real Estate specialist at Moneysense says not getting a home inspections 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 whole host of problems later on.”


Home inspection horror stories

What surprises could be lurking in a house that doesn’t get a home inspection?

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 signs of leaks, but a moisture meter reads 70 per cent wet
More rotten wood joists, improperly repaired
Share this pageShare on FacebookTweet about this on TwitterShare on Google+Share on LinkedInEmail this to someone
2016-10-13T09:16:21+00:00 July 1st, 2016|News, Real Estate|0 Comments

About the Administrator:

Top 5% REALTOR® in North Vancouver West Vancouver and Vancouver since 1991. Medallion Club member of the REBGV. The referrals from our happy clients, colleagues and friends are the biggest awards and recognitions for us.

Leave A Comment

Translate »