Condo Media - September 2022 - 46

The Region MAINE
To Inspect ...
Or Not
So, what's changed? For the last
couple of generations, home buying
has almost always included a building
inspection as part of the normal due
diligence process. But not recently.
Whether it be a condo, stand-alone
HOA unit, or single-family home, an
inspection was typically part of the
transaction package. Now, there is a
growing trend for the buyer to waive
the requirement for an inspection as a
tactic to make the offer more attractive
to the seller who wants a shorter closing
period and a reduction of the risk of the
buyer backing out of the deal.
Maine's residential real estate market
is still red hot. In the past, this " hotness "
was measured by how many months a
listed property stayed on the market.
Now, in some neighborhoods, it is
46 CONDOMEDIA September 2022
Trends in Home Buying
[By Jack Carr, P.E., RS, LEED-AP]
measured in days. There are several
reasons why this condition continues,
but the primary one is basic economics:
supply and demand. One of the greater
Portland area's leading residential brokers,
Tom Ranello of ReMax Shoreline
reported the inventory of available
residential units continues to shrink.
Making things worse at the low end of
the market, first-time buyers are finding
themselves being squeezed by rising
mortgage rates while rental rates are
climbing. At the high end of the market,
out-of-state retiring boomers are buying
luxury condo units without even an
on-site visit, much less an inspection,
and thinking they got a great deal based
on comparing condo unit prices in their
current location. All of this has created
a very competitive sellers' market.
CONSEQUENCES FOR BUYERS,
SELLERS, AND BROKERS
Negative consequences always result
from unbalanced systems. It is true
in nature and it is true in the world of
residential real estate. With sellers and
buyers on unequal ground, buyers are
panicking and making mistakes by taking
on unnecessary risk, sometimes with
the encouragement of inexperienced
brokers. By waiving the buyer's ability
to have a home inspected, the opportunity
for significant latent building defects
to be overlooked is much higher.
This can result in costly repairs for
not only the buyers but also expensive
potential litigation for the brokers and
seller. A building inspection should not
be viewed as a transaction impediment
but rather a method for all parties to
negotiate in good faith to reach a fair and
equitable settlement on perhaps one of
the most important family decisions.
Instead of ordering a standard home
inspection, radon gas test, septic system
evaluation, etc., some buyers opt for a
" walk-and-talk " consultation without a
written report. In effect, the buyer wants
to hear an oral report as the inspector

Condo Media - September 2022

Table of Contents for the Digital Edition of Condo Media - September 2022

Contents
Condo Media - September 2022 - Intro
Condo Media - September 2022 - Cover1
Condo Media - September 2022 - Cover2
Condo Media - September 2022 - Contents
Condo Media - September 2022 - 2
Condo Media - September 2022 - 3
Condo Media - September 2022 - 4
Condo Media - September 2022 - CT1
Condo Media - September 2022 - CT2
Condo Media - September 2022 - 5
Condo Media - September 2022 - 6
Condo Media - September 2022 - 7
Condo Media - September 2022 - 8
Condo Media - September 2022 - 9
Condo Media - September 2022 - 10
Condo Media - September 2022 - 11
Condo Media - September 2022 - 12
Condo Media - September 2022 - CT3
Condo Media - September 2022 - CT4
Condo Media - September 2022 - 13
Condo Media - September 2022 - 14
Condo Media - September 2022 - 15
Condo Media - September 2022 - 16
Condo Media - September 2022 - 17
Condo Media - September 2022 - 18
Condo Media - September 2022 - 19
Condo Media - September 2022 - 20
Condo Media - September 2022 - 21
Condo Media - September 2022 - 22
Condo Media - September 2022 - 23
Condo Media - September 2022 - 24
Condo Media - September 2022 - 25
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Condo Media - September 2022 - 27
Condo Media - September 2022 - 28
Condo Media - September 2022 - 29
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Condo Media - September 2022 - 33
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Condo Media - September 2022 - 35
Condo Media - September 2022 - 36
Condo Media - September 2022 - 37
Condo Media - September 2022 - 38
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Condo Media - September 2022 - 40
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Condo Media - September 2022 - 43
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Condo Media - September 2022 - 45
Condo Media - September 2022 - 46
Condo Media - September 2022 - 47
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Condo Media - September 2022 - 49
Condo Media - September 2022 - 50
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Condo Media - September 2022 - 54
Condo Media - September 2022 - 55
Condo Media - September 2022 - 56
Condo Media - September 2022 - Cover3
Condo Media - September 2022 - Cover4
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