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Some home buyers skipping inspections in hot housing market

Scott and Lorri Hill recently found their dream home, but to win the house, they purchased it "as is." It’s a decision now costing them a fortune.

HOUSTON — The housing market is so hot, desperate buyers are now dropping contingencies and inspections to get a home. One couple learned why that can be a bad idea.

Scott and Lorri Hill recently found their dream home, but to win the house, they purchased it "as is." It’s a decision 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," Lorrie Hill said.

They have spent tens of thousands on repairs including rebuilding this river view deck.

"We were OK with that because we loved this house,” Lorrie Hill said. “What we didn't expect were legal fees."

More than $100,000 in attorney fees so far over decades old property line dispute.

Realtors said buying without inspections or contingencies is especially risky with older homes, where you can find you are dealing with termites, water damage — or in the Hills case — long running property disputes.

"If you don't do an inspection, you can end up with huge bills you weren't expecting," Lorrie Hill said.

Realtors Steve and Denise Taylor told me many people are doing that in multiple offer situations.

"Especially dealing with multiples, most people are waiving inspections,” Lorrie Hill said. “They are waiving inspections and waiving appraisals.”

Don’t let this 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

Lorrie and Scott said they can't even sell their home now until their land dispute is resolved.

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