Caveat emptor: Why you need to beware when buying WA real estate
Thinking of waiving that inspection contingency? Think again. “Caveat emptor” isn’t just fancy Latin, it’s your warning to do your diligence. Skip it, and you could end up owning every hidden headache on your lot. Read on to learn how to protect yourself, even if you plan to tear the house down.
Full disclosure: I’m not a lawyer or a realtor. I'm just a homeowner who geeks over fine print and hates nasty surprises.
In the hot Eastside real estate market, buyers drop contingencies faster than I hit snooze. That’s a recipe for regret.
What is “caveat emptor”?
Latin for “let the buyer beware.” It means you could be on the hook for anything you don’t catch before you buy
In Washington, sellers must list known defects on Form 17 (RCW 64.06.020), and if something in that form or during your tour raises an eyebrow, you have a duty to investigate further. Sellers aren’t promising perfection. Skip a standard inspection and any obvious problem you miss becomes your repair bill.
Skipping your inspection contingency to win a bidding war is like marrying someone after a five-minute chat. Don't do it unless you are 100% sure.
Spotting potential red flags
- Many “I don’t know” on Form 17. Assume trouble and verify.
- Mismatch square footage. MLS and assessor’s data should align. If not, someone’s fudging the numbers.
- Ghost permits. Verify every addition or renovation has been approved by the city.
Potential issues on tear-down lots
Even if you plan to flatten the house, the lot can still have landmines:
- Leaky oil tanks: Remediation costs can exceed $100k if that fuel seeps into a stream. Found a tank? Here's how to get up to $60 for remediation, but you must act fast.
- Utility gaps: That rambler might never have hooked into the sewer or storm drain system so be ready to trench and tie in.
- Environmental surprises: Old fill, debris, or contamination can trigger a lengthy and costly cleanup.
Planning on buying a lot to build your dream home? Don't pull the trigger until you review these essential considerations.
Two key WA cases
Alejandre v. Bull (2007): Washington’s Supreme Court made it clear: skip your inspections, and you may have to cover the defects yourself.
Douglas v. Visser (2013): Buyers must act on inspection findings and if they see signs of damage, they must investigate further.
Checklist before you sign
- Do your homework. Don't waive the inspection contingency unless you are 100% sure. This may cost you in a hot market, but it beats buyer's remorse.
- Order a full home inspection and specialty reports if something looks suspicious. Roof, septic, mold/radon, structural. Each one can hide massive repair bills.
- Verify permits and utilities. Confirm hookups and approvals for every past project.
- Verify square footage: MLS vs. county assessor should match.
- Survey the surroundings. Flood maps, crime stats, HOA quirks. Have your agent do some homework.
Bottom line: Caveat emptor isn’t just legal jargon. In a market that rewards waived contingencies, the smartest buyers keep theirs, do the extra digging, and let their detail obsessed realtor handle the heavy lifting. Sign with eyes wide open, or be ready to own the surprises.
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