Hot Real Estate Markets and Home Inspections

Real estate in Montreal has been heating up with some districts experiencing hot market conditions and a shortage of property listings. Stories of tight closing dates and bidding wars are very common. In normal markets, the potential buyers have more control over the transaction. However, in a hot market, home sellers are dictating the conditions, often having one open house and instructing interested parties that they have a limited number of days to make an offer. Multiple offers come in, often over the asking price. Buyers are competing for the home and are reluctant to include many conditions in their offer for fear of losing the opportunity. 

In other parts of the country, red-hot real estate markets have resulted in bidding wars to buy properties and buyers sometimes making offers without doing their due diligence.  Some buyers are making offers on homes that they have not been seen in person or with no conditions at all on the offer to purchase. This is not voluntary risk-taking; it is the result of multiple offers on a limited supply of homes.

The most common condition to an offer to purchase is the inspection. The home inspection gives the buyer advance knowledge of any issues that may exist with a building, how urgently they need to be addressed and enables the buyer to get estimates for the repairs. It allows him the opportunity to re-negotiate with the seller should large and expensive issues come to light, or to walk away form the purchase.

Stressed homebuyers may feel pressured to do anything possible to secure a home but there are many reasons why it is imperative that buyers resist any trend to forego an inspection.

Older homes

Some of the most popular districts are where gentrification of older homes has started. These homes are being sold without legal warranty and many of them date back to the early 1900s. Issues with foundations, brickwork, plumbing and electricity are common in these older homes.  An inspection by a professional experienced in older homes can provide a lot of information about the kind of work that will need to be done and the cost associated.

If you are already spending more than you budgeted because of a bidding war, it is imperative that you know how much it will cost you to do repairs or renovations. Some of the issues that come out during inspection may have to be addressed sooner rather than later putting a serious strain on your budget. 

Newer homes

Contrary to what some people believe, buying a newer home does not mean you don’t need to have an inspection done. Construction defects occur all the time, whether that construction is new or old.

The solution: a pre-listing inspection

pre-listing inspection is an ideal solution for all parties concerned. Pre-inspected property listings benefit all parties – purchasers, sellers and real estate agents. By having an inspection performed before listing the property, the sales process can move much more quickly and without risk.

In other cities, some buyers are having inspections done before they place an offer on a home.  The problem is that if a bidding war erupts then the buyer may lose the home and have to start over with another inspection on another home that they may lose again.

If you should find yourself in a situation where you are unable to have an inspection done before closing, keep in mind that an inspection can also be done post-purchase. If you do opt for this, you need to be aware that you may not be legally protected should a defect be found.  According to the law, you will not have done your due diligence before purchasing. Homes will need repair and maintenance and an inspection report can still guide you in terms of what needs to be done.  The inspection should be done sooner rather than later, ideally before you move in or start renovations.

Luckily, buying properties without the opportunity to do an inspection is a trend that has not yet come to Montreal. Hopefully, it never will.  Buyers know that the inspection is the one condition that is most important and sellers recognize this fact as pre-inspection inspections are becoming common. If you are on the market to buy a home, call the pros at Mose. We have inspectors who are experienced in older homes, new construction, condos, commercial properties, and more. Our goal is make sure you know everything about your home.

Mose Home Inspection Services
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Lay Chan Wee
Lay Chan Wee
01:19 31 Aug 21
I was impressed with the service provided by Rui Su. He was organized, explained in detail area that I am not familiar... with. He provided a good report. I will recommend him if you need home inspection.read more
Mary Jane Caro
Mary Jane Caro
14:25 27 Aug 21
I am always pleased to recommend Carol Mose from Mose Home Inspection Services to my clients who have had offers... accepted on residential real estate properties. She is knowledgeable, thorough, provides clear explanations, and delivers comprehensive reports.read more
Massimo Pannunzio
Massimo Pannunzio
22:05 25 Aug 21
Michael has got to be on of the best home inspectors in all of Quebec. It was amazing working with him and he had my... best interest at heart when making a life changing decision. He made sure I had all the answers and made it easy to work with him. I will be using Mose inspection for any moment that I need an inspection done that's for sure!read more
Amanda Lee
Amanda Lee
19:14 16 Jun 21
Amazing experience with Carol Mose who helped me with a pre-purchase inspection! She was very approachable and... observant, and informed me of all her first impressions on-site. This gave me greater understanding of any conditions as I was able to ask any quick questions on the spot. Her reports are the most thorough that I've seen and include diagrams to help explain what any physical signs mean and potential consequences. Could not have asked for a better inspector!read more
Maeghan Banks
Maeghan Banks
15:38 14 Jun 21
Carol was wonderful to work with for our pre-purchase inspection. She was professional, thorough and communicative,... taking the time to explain her findings as we went through the house. After the inspection, we felt we had clear knowledge of the condition of the house (both pros and cons), allowing us to move forward with the purchase with confidence. Highly recommend!read more
Ryan Chalupovitsch
Ryan Chalupovitsch
13:43 01 Jun 21
Carol Mose is the best home inspector in the business. Approachable and extremely knowledgeable. She did an... inspection for me and really took the time to explain her findings and help me understand the home I was looking to purchase. Cannot recommend her enough. Don’t hesitate.read more
Elisabeth Faure
Elisabeth Faure
21:16 29 Apr 21
This is the second time I have used MOSE, and they are always really amazing. Very nice, very professional. they came... to have a look at my roof and let me know if we were due for a repair - I was very satisfied with everything and would recommend them to anybody!read more
Hannah S
Hannah S
22:05 16 Apr 21
I had a great experience with Mose home inspection. My husband and I are first time homebuyers and so had a ton of... questions about the process. Everyone we talked with was really informative and helpful. Michael was our inspector and was phenomenal. The inspection was very thorough and he explained everything in detail with realistic next steps for us to take. We came out of the inspection feeling really informed. Plus, he is just an absolute delight! He had very contagious enthusiasm and made the inspection a really positive experience. Would highly recommend!read more
Gabriel Lukuc
Gabriel Lukuc
03:05 16 Apr 21
Michael was amazing. He took the time to explain to us what’s really important and the reasoning behind it. We’re not... very handy nor savvy when it comes to home construction so we really appreciate him taking the time to explain to us all aspects of the inspection. Also, Michael was friendly, professional and timely; he provided the report over a holiday and a weekend.read more
Stephanie Ballard
Stephanie Ballard
14:24 19 Mar 21
MOSE is the best in the business. Once again we were happy with their inspection services - they are professional,... friendly and knowledgeable. Would not hesitate to recommend to friends and family (and have)!read more
Rodrigo Morales
Rodrigo Morales
18:27 10 Sep 20
Home inspection
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