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Laas was actually zeroing in on a townhouse in Londonderry in northeast Edmonton.7 f% O( ^; \ E( L: ^* Z6 `
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It was everything the 29-year-old plumber was looking for. It had lots of space and an attached garage. It was built in the 60s or 70s, she says, but it was solid. And it was in her price range, between $160, 000 and $170,000. She had 25 per cent of the down payment saved. Everything seemed to be in her favour.6 |$ [. e$ F# W9 B
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Laas really wanted the townhouse, so she bid $3,000 over its list price and indicated under the conditions that she wanted a home inspection.
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But she lost the bid. Laas says the townhouse went to a buyer who had no conditions, including no home inspection.
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3 l; j9 j9 T! q2 d3 O"I think it's crazy," Laas says. "It's too scary. You have no guarantees and how much it's going to cost to get the repairs because people paint it, they hide it, they put carpet over it. You don't know."
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/ U' c, M& c7 r: F7 W' L, u5 LDropping home inspections on offers to purchase a home has become a trend in the city's hot housing market where buyers are frequently pitted against each other in bidding wars to get their dream home./ z. U% F# b: \/ d
3 Z5 \* H+ R. h3 P5 q n4 }, f; NThe Edmonton Real Estate Board doesn't have statistics on the conditions of housing sales, but talk to any realtor like Bev O'Shea and they'll tell you what's going on. b7 x, d, ~" K: f: D7 h2 w
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"As realtors, we have to explain the great thing would be to have a home inspection, for sure," O'Shea says, "but if they want the house and they've got four other people bidding against them on a house, more than likely they won't get it if they have any conditions."$ l' y4 I o0 b6 u8 Q# {
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O'Shea adds that some homebuyers are also reluctant about getting inspections done.7 ?, z7 A% g! w: P6 Q
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"I think a lot of purchasers won't go to that expense of spending $300 on an inspection before they know they've purchased the property. It's really a Catch-22 situation."
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O'Shea has witnessed the repercussions of not having an inspection." p7 \+ F. a+ m* _9 W4 E9 Q+ |) X
: w; }/ m Q! r"I have had people a little upset that they weren't aware that there was mold in the basement," she says.5 U" V# d9 ?" I$ a' Q# s$ w$ I1 i
- E/ T) W; [5 U, I8 nThe president of the Edmonton Real Estate Board, Madeline Sarafinchan, says the trend is a sign of the times, but no one should put an offer on a house without an inspection.& n) H; V6 \* Z% Q! C: t
! p% C7 u+ Q! j, P"If you're going to assign blame it would be on the market, of people wanting to be able to present an offer that will be accepted in this market," she says.
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) L# _1 S: x0 G }1 H* k"There's a chance that people jump in the heat of the moment, and they'll go in without conditions," Sarafinchan adds, "which can be of great concern if they go into an offer without a home inspection condition and on a used home. That's not a good thing to do at all."* z+ |% ?, ^+ \' a: R
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And Laas, for one, won't let market forces bully her around .$ ]8 {& L+ e# {8 H3 Z( P3 K
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No matter how badly she wants a house, she won't forgo a home inspection, she says. She will continue to look for a house on her terms.
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In the meantime, Laas will have settle for her two-bedroom apartment in northwest Edmonton. It's cozy with hardwood floors, a hot water radiator and all the other typical character of an older building./ ?, R1 A! U9 w+ @+ o1 e4 ]9 }
, Z5 g% M. v8 i. U; r* s( |2 qHer empty moving boxes sit in a corner, ready to be packed at a moment's notice.& R9 X5 f" s2 Q7 K
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: w' f/ J3 B$ a3 a0 D1 ^HOMESPUN ADVICE ON WEB
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% p. p( g, f0 N$ ?- ^' i: f' |Check edmontonjournal.com for an interview with the president of the Edmonton Real Estate Board, tips on how to get a home inspection in this competitive market and listen to Lisa Laas explain what it's like to shop for a home in Edmonton's hot market. |
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