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New York bill could change the game for homebuyers seeking inspections

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Rochester, New York – A bill that’s presently in front of a committee in the New York State Assembly aims to alter the terms for potential homeowners.

These days, it’s typical for buyers to forego a house inspection because it can provide you a competitive advantage. However, some local experts claim that the risk isn’t worth it for the largest investment of your life.

Rahul Mirani is only now returning to the real estate scene. He is yet to make any bids, but upon doing so, he will be subject to an examination.

“I would sleep peacefully if I had an inspector come and check things out,” said Mirani. “I think it gives the buyer that much more protection, because it’s the biggest purchase you will make in your life. Having that or knowing that there is a provision rescinded based on what you find or what has been found that wasn’t properly disclosed, either intentionally or unintentionally, gives me a lot more peace of mind.”

Purchasers like Mirani may be impacted by NYS Assembly Bill A8889. The bill, which is presently in committee in the New York State Assembly, aims to require that potential buyers be given the chance to see residences prior to closing.

In addition, buyers would have the option to revoke their bids in the event that repairs over a pre-established threshold.

Home inspector Larry Fontana stated that while the measure may benefit the business, the customers stand to gain the most.

“They waive the home inspection and something happens,” explained Fontana. “Or they get the post inspection, and there are items wrong, or defects that would’ve gotten caught during a home inspection.”

In order to increase the appeal of their bids, many buyers decide not to conduct inspections.
According to realtor Kevin Herrick, in today’s cutthroat market, the practice has grown increasingly widespread.

“The concerning part about the bill is that you want to play a level playing field,” said Herrick. “The problem with this market right now is with such low inventory, it presents itself as a benefit to the cash buyer and the people that are coming in with 3- to 5-percent down payment are kind of getting left ‘out in the cold.’ What I worry about with the bill is it that it’s going to affect them even more, putting the burden more so on the middle class. Compounded with inflation and interest rates, it’s just kind of going to create an unfair playing ground once again.”

Both Herrick and Fontana advise checks in order to prevent costly repairs.

“Heaven forbid you have to spend $2,500 because the water heater went right?” said Fontana. “It’s no different than buying a used car. You take it to a mechanic, and they’ll give it the OK, or not. You make your decision depending on the expert. The big things are going to be structural; the roof, the foundation… There are a lot of things that could happen because of small things. I try to bring those to the buyer’s attention like grating and downspout extensions. Something as simple as that can cause major foundational or structural issues.”

 

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