I overheard a realtor say houses over 1M don't need inspections, that's bad advice

I was at a coffee shop near Jasper Ave last Thursday and two realtors were talking at the next table. One said to the other that anything priced over a million basically sells as-is with no conditions and inspections are a waste. I actually own a house in the Glenora area that I bought for 1.2M back in 2020. I had an inspection done and the guy found knob and tube wiring still live in the attic. Cost me $8,000 to fix before we even moved in. So that idea that expensive houses are exempt from problems just isn't true in my experience. Older neighborhoods like this have all kinds of hidden issues regardless of price. Anyone else run into something similar with high end properties around Edmonton?

2 comments

2 Comments

dakota_singh3920d ago

...and that's exactly why I'm skeptical of realtors who push no conditions. I get that in a hot market it gives you an edge but who's actually paying to fix the knob and tube if you skip the inspection, you know? Like did your realtor even mention the possibility of old wiring before you put in your offer on that Glenora house, or did they just gloss over it?

clark.iris20d ago

Oh man, that reminds me of something that happened with my buddy's house a few years back. He bought an older place and the seller was like "oh yeah, we redid all the wiring" but it turned out they just covered it up with drywall and the knob and tube was still hiding in the attic. He didn't find out until he tried to install a new light fixture and nearly fried himself. I mean, maybe it's just me but I'd rather spend a few hundred bucks on an inspection upfront than gamble on that kind of surprise. Realtors are just trying to get the deal done, they're not living with the consequences of old wiring you know?