Massive Housing Law Changing for Home Buyers in New York State?

There is a bill that is in the hands of New York State right now that would be a really big game changer for anyone trying to buy a home.

It would be a massive change for anyone selling a home, as well and it may not be a change in your favor.

There is a bill that has been introduced to New York State, that if passed, would make waiving a home inspection illegal. Right now, the market is wild across the United States. There is low inventory of houses, the interest rate is the highest it has been in years and it is so competitive to get a house. Ironically, there was a time not too long ago that you could offer asking...or even UNDER asking...and win a bid for a home in New York State.

Those days are long gone.

Now, people looking to buy a home will often offer cash AND say that they will not have the typical home inspection to sweeten a deal. This is great for sellers because without an inspection, that is one less thing to hold up a deal. But, this new deal might be a damper to some:

New York State bill would create 10-day period for homebuyers to exercise right to get an inspection. Home Inspectors are advocating for new legislation that would make it illegal to use waiving a home inspection as a negotiating tool. NYS Assemblymember Monica Wallace introduced the "Right To Home Inspection" bill which would create a 10-day period for buyers to exercise the right to get an inspection, "and neither the seller or the real estate agent can encourage you or condition the purchase of the property on the right to inspection," she explained to WKBW.

People are definitely divided on this bill. Sellers don't love this idea at all and the buyers, depending on some, love it. Some buyers, though, don't mind waiving an inspection at all to secure a deal.