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Crazy Market Disclosure

by James L. Goldsmith
December 2021

Welcome to this unprecedented real estate market. The limited inventory of homes coupled with a great demand is causing fierce competition among buyers. So, put on your armor and grab your sword. 

On the battlefield there lays an array of homes that will include your likely objective – some are dumps, some okay, and perhaps there is a gem. Given the limited opportunity to sniff for clues, you will be in the inky cloak of darkness when it comes to making a choice. 

The scroll I’m handing you (it’s about 6 feet long when unfurled) is your offer. The terms, all but the property address, have been pre-printed. These terms exclude mortgage and inspection contingencies; the terms make clear that you are accepting “as is” what you see and don’t see. It’s sort of like the office holiday gift exchange except that your life’s fortune is at stake. Hope you don’t get a bad one! 

Why the armor? Fending off other potential buyers is essential to acquiring a home in this market. Other techniques include feigning to be a home inspector and positioning yourself by your prospective acquisition and loudly muttering about the horror loud enough to be heard by other prospective buyers. Use your imagination, think outside of the box. Best of luck.

DISCLAIMER (TO BE READ AT 100 MILES PER HOUR).  The price you pay to acquire a home may be greater than its fair market value. Waiving inspections will result in your purchasing a property with defects that will cost a boatload to fix. Hair and teeth may fall out.  Your real estate agent is not liable because he/she told you so; and it says so in the scroll.

Mr. Goldsmith is an attorney with Mette, Evans & Woodside and serves as outside legal counsel to PAR. A substantial portion of his practice is dedicated to providing advice and counsel to real estate licensees. He and his firm represent and defend real estate salespersons and brokers in civil lawsuits and licensing claims across the Commonwealth. Jim also defends Realtors® in disciplinary hearings conducted by the Real Estate Commission. Jim was one of the voices of the PAR Legal Hotline for the first 27 years following its inception in 1992.

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