Editorial: Buyer, seller lose leverage with home inspect waiver law

In this state s overheated housing industry prospective buyers desperately trying to become homeowners sometimes accept calculated risks to seal a deal Forgoing a home inspection represents one the the greater part popular and potentially costly examples And sellers are more than happy to accommodate them Well at least on paper that negotiating tactic s no longer an option A housing law passed by the Legislature to primarily boost housing starts also included language that changed the house buying dynamic As of Oct sellers can no longer consider the acceptance of an offer based on the buyer s willingness to waive a house inspection Buyers aren t required to conduct an inspection but they can no longer inform sellers weighing an offer of their intention to waive a home inspection That restriction doesn t apply to homes bought at auction Done by a reputable professional home inspections can uncover structural damage or other issues that could cost unaware buyers thousands to remedy Exposed prior to passing papers mitigating those defects could become a condition of sale or if left to the buyer reduce the house s purchase price But prospective buyers in Massachusetts have too often been pressured to choose not to have a home inspection so their offer to purchase will be considered competitive the Healey administration stated Homebuyers must have the ability to make informed financial decisions and be given a clear picture of needed repairs or safety issues that could arise Housing and Livable Communities Secretary Ed Augustus previously stated This new regulation creates a fairer more even playing field for buyers and sellers These updated regulations certainly should ease the stress of the home-purchase process especially for first-time buyers trying to break into the housing domain And as for sellers in a sellers industry they ve just lost a key bargaining chip and perhaps the assumption of particular unanticipated pre-sale expenses The law also requires sellers to provide a separate disclosure form informing the buyer that the acceptance of their offer isn t contingent on the waiver of a home inspection and that the buyer may choose to have the home inspected The law doesn t force a buyer to do an inspection but it does make it so that the buyer cannot convey the message of not doing the inspection when they make their offer Anthony Lamacchia owner and CEO of Lamacchia Realty recounted Springfield s WWLP Ch News It just means that they can t say that they re not going to do an inspection I know it kind of sounds like semantics but it s not Enforcement of this don t ask don t tell provision appears easier enacted into law than done A nonverbal wink and a nod could express a buyer s intention not to pursue an inspection But then again that could just be a negotiating ruse to influence the sale If the law plays out as envisioned it will certainly take selected of the uncertainty out of this already daunting process Sentinel and Enterprise Editorial cartoon by Steve Breen Creators Syndicate