so he has the opportunity to decide what to do next. If you don't tell him, and the deal dies because of
the inspection clause or lack of it (the other party could improve their offer $$$-wise in the mean time) - your client's chance to buy could be lost.
We are here to help our clients buy - so yes, I say tell your buyer.
Best of luck,
Beachfront Realty, Inc.
I wonder if this is an area where clients maybe should decide in advance whether or not they want to be informed of competing offers. I could see where some clients would want to know and others not want to know.
I would never advise a client to purchase a house without an inspection (as opposed to advising them of the risks of buying without an inspection). We've only had one client not perform an inspection (against our advice) and the lender ended up requiring an inspection because the house was older (pre-1950). That gave me some comfort because although they didn't have the same rights as Form 35, it did give them some protection against buying a severely defective property.
I'm not sure in what situations banks do require inspections if one is not called for in the P&S agreement, but that might be worth finding out in your situation.
Yes, you apprise your buyer of what you are being told. It's their purchase and their decision. Is what the other agent credible, do they have a good reputation? Did you discuss what the seller's felt would be more desirable?
You have several ways to go, but our job is not to decide for the buyer, but inform and advise them of the options and the consequences you suspect may come with each choice.
Waiving and inspection is a very tough thing. If they feel that's an option they want to seriously consider, you could waive it, but conduct one anyway. Do a very short timeframe inspection, tell the sellers you won't ask for any work.. but want to know what you are getting into, or just do a 5 to 7 day inspection timeframe and hope the dollars outweigh the seller's fears of what the inspector will find.
Just let your buyer's make that decision.