The competitiveness between homebuyers in Toronto is leading some to take risks by not having a home inspection.
“When you are the only offer on the table, you can submit a conditional offer,” Lorand Sebestyen, an agent with iPro Realty Ltd. in Toronto told the Globe and Mail. “But when competing with several other offers, you don’t have that luxury.”
The strategy has also been seen in hot markets south of the border such as San Francisco but saving a few hundred dollars can lead to an expensive shock post-purchase when sometimes serious defects are uncovered.
“You don’t know what could be hiding behind the walls,” Shubha Dasgupta, owner of Toronto mortgage brokerage Capital Lending Centre told The Globe and Mail.
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