Exclusive Buyer Agents Champion Stronger Home Inspection Rights
Buyers Brokers Only urges stronger home inspection protections that explicitly and firmly prohibit home buyers from waiving their home inspection.
The law's language directed the Executive Office of Housing and Livable Communities (EOHLC) to promulgate regulations by December 15, 2024. The Legislature's year-end supplemental budget provided for an extension of the deadline until July 15, 2025.
The law, an amendment to the housing bond bill passed in August 2024, does not require home sellers to make any concessions or repairs after a home buyer's inspection.
Buyers Brokers Only believes home-buying consumers need home inspection protection as soon as possible.
"As exclusive buyer agents, we are committed to protecting home buyers and believe they should never have to forgo critical protections, such as a home inspection, to secure a home," said Rich Rosa, co-founder of Buyers Brokers Only. "The final regulations must explicitly and firmly prohibit the acceptance of offers conditioned on home buyers waiving their home inspection. The EOHLC should not allow special interest groups to sway it to create unnecessary exceptions to the prohibition from waiving, limiting, or restricting a home inspection."
It's also a matter of housing affordability. First-time home buyers struggle to save for a down payment and closing costs. Feeling pressure to waive a home inspection and potentially facing costly repairs can result in financial peril. For example, a boiler with extensive rust and corrosion on the heat exchanger might need replacement, costing over $10,000.
"With more and more home-buying consumers struggling to afford a home in Massachusetts, home buyers should not feel pressured to make offers to purchase a home without an inspection contingency and risk costly repairs from undisclosed defects," added Rosa, a past president of the National Association of Exclusive Buyer Agents and licensed attorney. "This home inspection protection is good for home buyers and the real estate industry, improving consumer trust and expanding transparency. As an industry, we should embrace regulations that protect home-buying consumers."
Consumers can contact their state legislators to express their support: https://malegislature.gov/StateHouse/Contact.
About Buyers Brokers Only: Greater Boston's Buyers Brokers Only provides exclusive buyer agent services to home buyers throughout Central and Eastern Massachusetts, Southern New Hampshire, and the State of Rhode Island. The company's consumer advocates protect home buyers, having helped more than 2,000 home-buying clients purchase more than $1 billion in real estate since 2005.
Richard Rosa
Buyers Brokers Only, LLC
+1 978-835-5906
rrosa@buyersbrokersonly.com
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