(WGHP) — More home buyers are waiving due diligence in a sale to get their dream home.
“The due diligence period is the buyer’s opportunity to investigate the property and anything that would impact their buying decision,” said Mila Smith, a realtor with Keller Williams One.
People typically research schools, crime rates and HOA rules in their area, and they get a home inspection.
“I don’t encourage anyone to do anything. I would rather educate you on the pros and cons of doing so and let you as the consumer make an informed decision,”Smith said.
In a market with big demand and small supply, buyers are doing anything to speed up the process and get their dream home.
Smith tells FOX8 that since the pandemic started, she’s seen a 50% increase in buyers waiving contingencies in bidding wars.
“It’s gotten to extremes now to where I had a broker in a team meeting say he had a buyer offering $200,000 in due diligence,” Smith said.
In some Triad neighborhoods, homes are selling in as little as two days or within minutes.
Smith sold a home on Friday, and the buyer chose to waive due diligence on the sale.
“Let me tell you that offer stood out amongst the six other offers we had because…they were looking to close quickly,” Smith said.
It speeds up the process and could potentially leave you with more money in your pocket but can also leave you open to hidden problems in your home.
Brantly Mays with Parkwood Property Inspections tells FOX8 that foundation issues, mold and roofing problems don’t always stick out to homebuyers.
“If you don’t have a whole bunch of money to make repairs you didn’t necessarily plan for, it’s not a good idea to skip out,” Mays said.
If you do choose not to have an inspection before the sale, keep a sharp eye out while you walk around the house and run any concerns by an expert before you finalize.
“Instead of when you’re walking around the house being like, ‘oh I’ll put the TV there and the kids there…look at what’s really going on and look with a critical eye like it’s something you don’t want to buy instead of something you do want to buy,” Mays said.
The choice is always up to the buyer, according to Smith.
She says she tries to work with her clients to weigh the price, how many people are putting down offers and other neighborhood statistics to weigh the decision.
“It’s a little bit of a teeter-totter, and you’ve got to find a sweet spot for the buyer and the seller,” Smith said. “The quicker you can move and stay on top of the market with an agent that stays on top of the market as well…the more leverage you’re going to have.”