Home buyers remain in a tough bind, chasing after homes amid steeply rising prices. The average price per square foot in Chicago is up more than 25% in the past year. In Salt Lake City, the average price per square foot has increased more than 20%. In Dallas, the price per square foot has increased more than 25% in the past year. And let’s not even discuss what is going on in coastal cities.
A Home Warranty is a Lousy Replacement for an Inspection:
To state the obvious, taking on a debt of a couple of hundred thousand dollars (or much more) without fully understanding the condition of what you’re buying is sort of nuts. If you’re considering waiving the home inspection contingency on a bid, that’s your risk to bear. But don’t be fooled that the home warranty the seller advertised with the listing is any sort of meaningful protection.