That’s increasingly what property investors are doing in anticipation of multiple bids on the dearth of move-in ready multifamily properties. Getting that all-clear from an inspector allows them to remove that condition from their offer, making it more attractive to the seller.
It also allows them to avoid the time-waster of protracted negotiations on a potential money pit that they have neither the time nor resources to correct. The same applies to would-be buyers of single-family homes, now driving demand for the service, according to Carson Dunlop.
“Knowing the condition of the home before you put in an offer helps our clients bid with confidence and speeds up the process, since fewer conditions are required in their offer,” said Graham Clarke, VP of engineering at Carson Dunlop, one of the largest independent home inspection companies in North America. “When it comes to buying a home, knowledge is power.”
A dearth of multifamily properties in most key markets has also encouraged investors to hold onto their own properties for longer than the once standard five years. Many are also looking to joint ventures to increase the viability of the offers they are prepared to submit.
They also help strengthen their chances of winning financing as banks move to rigidly enforce restrictions on the number of doors any one borrower can hold and win additional credit.
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“This new product provides buyers with a comprehensive inspection before submitting their competitive bid,” according to Carson Dunlop, launching the product this week. “This gives them the knowledge and confidence to make an appropriate offer with no inspection condition.”