Sign up for the Today newsletter
Get everything you need to know to start your day, delivered right to your inbox every morning.
For years, Massachusetts homebuyers in the state’s hyper-competitive real estate market felt pressured to waive home inspections to make their offers more appealing.
As of Oct. 15, new state regulations ban homeowners and realtors from selling a property on the condition that they waive the inspection and prohibit buyers from offering to waive the inspection to get ahead of the competition.
Lawmakers finalized the rules in June as part of the Affordable Homes Act.
In recent years, the Healey administration has said that homebuyers are “too often” pressured to choose not to have a home inspection to be competitive.
However, the administration says home inspections are critical in helping buyers uncover potential issues, avoid unexpected expenses, and negotiate a fair price for a home.
“A home inspection is an important step in buying a property,” Executive Office of Housing and Livable Communities Secretary Ed Augustus said in a statement in June. “Homebuyers must have the ability to make informed financial decisions and be given a clear picture of needed repairs or safety issues that could arise.”
However, all of these new regulations may be largely moot. Sarah Gustafson, the president of the Massachusetts Association of Realtors, told WBUR that homebuyers were waiving inspections at a “high rate” when the housing market was at its hottest a few years ago.
But, as home sales have cooled off recently (even though prices continue to climb), so too has the rate of waived inspections, she said.
“The market has actually already begun to self-correct for this regulation on its own,” Gustafson told WBUR.
Beth Treffeisen is a general assignment reporter for Boston.com, focusing on local news, crime, and business in the New England region.
Get everything you need to know to start your day, delivered right to your inbox every morning.
Stay up to date with everything Boston. Receive the latest news and breaking updates, straight from our newsroom to your inbox.
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com