Inspect-It 1st, Greater Phoenix Metro has been inspecting buildings since 2004. In recent years, a new type of seller has emerged: iBuyers
From our perspective, iBuyers present some interesting challenges to property buyers and their agents. First off, there is rarely an SPDS. The iBuyers’ simply note they have never lived at the property. Secondly, they may make an inspection report available to the buyer that the iBuyer paid for. Beware, these inspections are typically “bare minimum” and typically do not provide errors and omissions insurance protection to the prospective buyer (the protection only flows to the entity that originally purchased the inspection).
Over the years, we have found a variety of defects on iBuyer offered homes:
- Broken trusses (multiple times)
- Mismatched/improper sized AC units (in one case, the iBuyer touted they installed NEW AC equipment, which was true, but it was grossly undersized (3 ton unit, not the needed 5 ton unit!)
- Active underground water leaks
Of course, we have found these types of defects in non-iBuyer seller situations, so this is not an indictment of the iBuyer business model. However, do not forgo your own inspection because you were handed an inspection report “at no cost”, or there was no disclosure. In Arizona, the standard real estate contract states that property is purchased “as-is”…
If you have any questions, email Marty at [email protected]
Before you Buy, Before you Sell… Inspect-It 1st!
Thanks, Marty (480-471-6781)