The frenzied real estate market of '20-'21 exacerbated the issues found in normal markets. Buyers were/are so stressed to secure a home that some toss caution to the wind; overpaying, waiving finance contingencies, inspection contingencies and more. This is unwise at best and foolish at worst, when emotion rules the decision making process, bad things happen.
There are more buyers waiving due diligence and purchasing homes "as is" than ever before. Some feel it's one of the best ways to win a bidding war and sometimes that's correct. But unless the buyer and agent have a working knowledge of construction and a level of experience that allows them to spot signs of trouble, the buyer may be walking off a cliff. Water and foundation issues are very common, some obvious and some not so much. Water issues can be present but if it's dry when the home is contracted, the buyer may not catch an issue. Don't rely on seller disclosures and if inspections are waived, buyers likely have little recourse as a lawsuit can be very hard to win in a "buyer beware" state like Georgia.
This video is a great example of how to spot serious foundation trouble. This was an active listing in a very popular area at a great first time buyer or investor price point. The home was being sold "as is" and we immediately flagged the issues for our buyer. Oddly, there was a steady stream of buyers and agents through while we were there, none recognized or mentioned these issues. Several were chatting about offers.
As mentioned; no home is perfect, especially an older one. The critical thing however is for a buyer to understand what to expect from a home. Any inspector would flag this home and almost all would call for a structural engineer to render an opinion. If this buyer was getting a loan, any appraiser will note this and certainly call for structural inspection as well. The buyer is spending money and possibly losing the deal. The seller may recognize the potential problems and go only with cash buyers. Lots of variables with every deal which reinforces the importance of working with professional agents. Buying and selling real estate is a business transaction, treat it that way.
The Hank Miller Team puts 30+ years of full time sales & appraisal experience to work for you. Act with complete confidence & make sound, decisive real estate decisions. 678-428-8276 and email@example.com
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