If you're trying to buy or sell a home, you know how competitive the market is. As a result, many buyers are taking homes as-is with no inspections or contingencies.
Scott and Lorri Hill recently found their dream home, but to get the house, they purchased it as-is, which is now costing them a fortune.
"The risk to buying a home without doing your due diligence of protecting yourself is you could end up losing the home," they said.
They have spent tens of thousands on repairs, including rebuilding a river view deck.
"We were OK with that because we loved this house. What we didn't expect were legal fees," they said.
So far, they've had more than $100,000 in attorney fees over a decades-old property line dispute.
Realtors say buying without inspections or contingencies is especially risky with older homes, where you can find you're dealing with termites, water damage, or in their case, property disputes.
Steve and Denise Taylor, who are realtors, said many people are avoiding inspections and waiving appraisals when there are multiple offers.
Here are tips so this doesn't happen to you.
- Work with a licensed realtor
- Have a real estate attorney look over the contract
- Do an inspection, it may allow you to back out
- Purchase title insurance in case someone else tries to claim your land
Lorri and Scott say they can't even sell their home until their land dispute is resolved.
