To all the agents in the house,
About a month ago I told you about my parents and their real estate situation. They plan to sell their home in inventory-bare North Jersey and downsize into a smaller house in North Carolina, another highly competitive market.
After a few trips down to North Carolina, they found a cute colonial in a gated community near Wilmington. It was listed at a reasonable price at $360,000 and wasn't open-concept, just as they preferred. The home had been on the market since October, and the seller's agent said her clients were moving into the dream home they were building in South Carolina. My parents pulled the trigger and sent an offer with the usual contingencies – appraisal, financing and inspection. Their offer, at $355,000, was accepted. They were set to close in April.
But the inspection report came back, and it was not good. The inspector found a significant presence of mold all over the house. Walls, floor joists, crawlspace, attic – it was everywhere. In fact, a previous mold remediation effort from 2019 apparently did not work, which was troubling. My parents walked away. In fact, they laughed when I told them loads of buyers today are waiving all contingencies, including inspection.
Agents, what do you think about all this? How are you advising clients when it comes to waiving contingencies in such a bonkers seller's market? As always, you can hit me up anonymously at jkleimann@housingwire.com.
As for my parents, they would rather not compete with buyers who are crazy enough to waive all contingencies for average or below-average homes. They're likely to rent for a year and hope some semblance of normalcy returns to the housing market. As a great thinker on the internet recently described the state of the housing market, "it's like going dumpster diving and expecting to find a steak dinner."
Hope you have a great weekend!
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