By now, home buyers in the Philadelphia region know they may have to pay above asking price to win bidding wars that have become more common this year, as inventory and interest rates remain low and buyer demand stays high.
But several times, Realtor Garrett Elwood’s clients offered “well over” the asking price, only to be rejected.
“We started to ask what happened,” said Elwood, who works with clients in Philadelphia and the Main Line for The How Group at Compass Real Estate. “And on a couple different occasions, an agent has told me, ‘Your offer was higher, but the other buyer waived inspections.’”
Before this year, that was something he remembers happening only one time, back in 2016. It used to be that people who skipped inspections were cash buyers and investors who planned to gut a property. Now, in the region’s decidedly seller’s market, real estate