Blog by Patricia Houlihan - Personal Real Estate Corporation

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Spacious Penthouse, Great Neighbourhood, Must Like Bats

Imagine finding a newly renovated penthouse for sale in the West End listed at $509, 000.  You have already been outbid on numerous places, the property disclosure statement checks out and you know from experience that in Vancouver's competitive real estate market you have a very short amount of time to place an offer.  No problem, right?

 

If you are Miles Nurse and his girlfriend you place an offer a little above the asking price and start packing.  It wasn't until after they had already signed the papers and moved in that the couple started hearing strange high-pitched squealing noises.  It soon became apparent that the condo had a major bat infestation via a hole in the rooftop deck. 

 

As you may have already guessed this is a buyer beware story.  In today's hyper competitive market an increasing number of people are taking the huge risk of purchasing property without conducting an independent home inspection.  Take Miles's advice and never do a subject free offer even if it means potentially being outbid, because if you do there is nothing to protect you after the sale.

 

(All cited figures and quotes are from The Vancouver Sun, July 14)

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