Sellers who jump on offers from buyers waiving the opportunity to hire an independent home inspector may rue the day they did so.

If a buyer suspects something was wrong with the property and the seller knew about it, but failed to disclose it, a lawsuit could be possible. Even if the seller had no inkling something was amiss, it's possible a suit could contend that he or she should have known.

In other words, caveat emptor -- "let the buyer beware" -- could turn out into caveat venditor -- "let the seller beware."

In a recent column, real estate author and speaker Bernice Ross described a situation that happened to a friend: After the deal closed, the buyer stripped off wallpaper to discover one-inch cracks up and down both sides of a fireplace. They also found that two beds the seller left behind were bolted to a wall, hiding a one-inch gap between the wall and the foundation.

The seller was a sweet old lady who had the buyer over for tea and crumpets. But after these discoveries, the buyer was incensed -- so much so that he sued not only the seller, but her agent.

Most states require sellers to disclose known defects in their homes to would-be buyers. But former realty broker Christian Adams says the most common lawsuits against sellers in his home state of Texas now stem from incorrect disclosures.

In today's hyper-hot market, where houses are selling within days (if not hours), buyers are sometimes encouraged by their agents to forgo an inspection to make their offers more attractive.

But Adams, who now is chief executive officer of Repair Pricer, an AI-powered home repair estimation platform, says that advice "could place (agents) in a very compromising position." It might even come back to haunt the agent who advised the seller to accept an offer sans inspection.

Not everyone believes agents and their brokers could be in jeopardy. Though a "strong proponent" of home inspections, Joey Sheehan of Berkshire Hathaway Home Services Fox Bryn Mawr, Pennsylvania, doesn't think listing agents or sellers will be particularly vulnerable to anything other than frivolous lawsuits.

Even if a seller purposely failed to disclose a known defect, a buyer who passed on an inspection would find it difficult to prove the seller had deliberately hidden the truth, Sheehan told me in an email. Theoretically, the seller could claim they really were clueless, she points out, adding, "How could the angry new owner establish there was fraud when the buyer conducted no inspection of his own?"

Nevertheless, Sheehan's firm, like many others, now has its buyer-clients sign an advisory if they skip the inspection. "We want it on the record that we strongly urged them to conduct inspections, and that it was they who declined to do so," she says.

On the other hand, Adams believes those agents who recommend that buyers waive the inspection contingency, and those who advise sellers to accept these offers, are in violation of the National Association of Realtors' Code of Ethics -- particularly Article 13, which says members should not engage in the unauthorized practice of law.

As he sees it, it could be argued that it is not in a client's best interest to waive the inspection contingency or to accept such a contract. Therefore, agents who encourage these choices could be exposing their clients to undue risk, and the clients should seek legal counsel prior to proceeding.

Of course, not every hidden defect will spark a lawsuit. "Not every house has something wrong with it that is sue-worthy," Adams says.

According to Repair Pricer, a deep dive into some 50,000 inspection reports nationwide found that the most frequent issue -- missing or loose electrical outlets or outlet covers -- cost $109 to correct. The most expensive repair of the 10 most frequent issues -- damaged or missing siding -- was $478.

But anything that involves an active water leak is likely to set a buyer scurrying to court, especially if it appears the seller tried to hide it. Signs of moisture stains and water penetration were found in 39% of the inspections and cost $462, on average, to remedy.

Adams tells the frightening tale of a client who woke up one morning shortly after he moved in to find water dripping from an upstairs shower through the ceiling below. When a plumber took down the soaked drywall, he found a leaking pipe with a tag on it from a previous plumber who had noted the problem.

"This," Adams contends, "was a preexisting condition that was both known and covered up by the seller. The seller was 100% aware of the problem but chose to cover it up."

In today's hot market, many buyers figure that if they don't waive the inspection contingency, someone else will. But just because you waive the contingency doesn't mean you can't obtain an inspection; it just means you can't use the findings to renegotiate the deal or cancel it altogether.

Obtaining an inspection will give you a pretty good idea of what you are getting into. And if you find the results troubling, you can always find another way to get out of the contract.

"You have the right to get an inspection, and you should," says Adams. "And you should be getting one every year. If you don't catch a problem early, it will lead to a more expensive problem down the line."

One of the first questions buyers ask these days is: How far over the asking price should I go to get the house I want? Obviously, it all depends. But broker David Rathgeber of Your Friend in Real Estate in Arlington, Virginia, has a formula for his market, where nearly two-thirds of all buyers find themselves in competitive situations.

For a 90% chance of success, Rathgeber says that Northern Virginia buyers need to offer about 12% over the asking price. For an 80% chance, offer about 9% over. Going 5% over, he says, only gives buyers in that market a 50% chance of winning the house.

You also "gain a significant advantage" if you can avoid financing and appraisal contingencies by paying cash, Rathgeber advises. And if none of that is feasible, "a reasonable alternative might be to just wait a couple years."

Another tip: When you specify the amount by which you are willing to beat other offers, make that figure end in $500 -- as in $3,500 rather than $3,000. "Avoiding round numbers will give you an edge over 90% of other offers," Rathgeber says.

Of course, buyers should only offer above list price if they really want the house, it's been on the market for less than 10 days, and they have been assured there are other offers on the table.

Here's more proof home builders are continually falling behind demand: In 2019, the median age of owner-occupied homes was 39 years, according to the latest data from the U.S. Census Bureau. In 2005, it was 31 years.

Even though builders added nearly 5.4 million units to the national housing stock between 2010 and 2019, those properties accounted for just 7% of the total. On the flip side, more than half of the country's houses were erected prior to 1980, and 38% were built before 1970.

Older houses possess a certain charm that is difficult to replicate. But they are often in need of remodeling and updating. And outdated components such as heating and air conditioning systems usually have to be replaced.

According to a new report from LendingTree, the metro regions with the largest share of homes built in or before 1939 are Boston; Providence, Rhode Island; and Buffalo, New York. The smallest share of old homes are found in three of today's hottest markets: Las Vegas, Phoenix and Orlando.

Along with homes themselves, the construction workforce is also aging, the Census Bureau reports. The median age in the field is 41, which is in line with the nation's labor force in general. But finding skilled labor is still a challenge for builders.

Older construction workers tend to be concentrated in managerial posts, the National Association of Home Builders reports. The youngest are helpers, tradespeople and solar panel installers.

Builders, suppliers and subcontractors have been adding workers in some areas, but those in 21 states lost workers. While Illinois added 4,000 construction jobs between March and April, the red-hot Texas market lost 13,600, NAHB reports.

Overall, the sector added 917,000 jobs year-over-year in April -- a 14% increase. Nevertheless, the number of unfilled positions is increasing as builders strive to meet demand. The trade group says 357,000 construction industry positions went unfilled in April -- the largest number in nearly two years.

Many construction people are self-employed. At 22%, the sector's independents are significantly higher than the economy-wide average of 9.7%. Still, the self-employment rate in housing is now the lowest on record.

One reason for the slide is that self-employment rates are counter-cyclical, rising during an economic downturn and falling during an expansion. When the workflow is rising, as it is now, many of these former independents sign on with other contractors as employees. Another factor: The largest builders, who tend to dominate their markets, are more likely to work with larger subcontractors and their bigger payrolls.

Nearly 40 years ago, your intrepid reporter stumbled upon a computer program that wrote ads for properties. Not only wrote them, but wrote them better than most agents and brokers could ever do.

That program, AdWriter, is still going strong. And now comes another: Handwrytten, which helps with those sappy love letters from buyers trying to persuade sellers to choose them.

Handwrytten doesn't compose letters, but it will make your words legible -- even pretty. The company claims that notes created with Handwrytten are indistinguishable from those written by the human hand. There are 23 styles to choose from, or users can upload their own handwriting and signature for a truly personalized style.

Attaching love letters to offers is a divisive tactic. Some agents hate the letters so much that they will destroy them before presenting the offers to clients. But other agents think they're great. One agent recently reported he sold two houses this year because the sellers were taken with the missives attached.

And Handwrytten says not only are would-be buyers using its program, agents are using it, too.

At great personal sacrifice, I recently offered myself up to a company that had invited me for a complimentary meal to learn how people could safely cancel or exit their timeshares. But when I told them who I was, I was turned away.

Granted, I don't own a timeshare. Never have. But I wanted to be able to impart the valuable information from this function to my readers. Still, the lady on the other end of the line would have none of it. Apparently, this outfit didn't want me to steal its thunder.

But I soon learned there wasn't a whole lot of lightning in that bottle, anyway. This timeshare exit company is registered as a nonprofit in Missouri, but the Better Business Bureau has been unable to verify that claim. (All nonprofits are required to register with the Internal Revenue Service.)

I also discovered that the Missouri attorney general has obtained a default judgment against the company and its owner. This supposed nonprofit is the subject of no less than 84 complaints about everything from repeated, unwanted calls to failing to provide the promised help in vacating a timeshare -- even after accepting thousands of dollars in payments.

And therein lies the rub: There are numerous charlatans out there who will promise to buy your timeshare or help you sell it. There is little substance to most of their assurances, at least not until they get their hands on your money. Then, they'll hound you to death for more.

This is not to say timeshares aren't worthwhile. They are a great, often less-expensive way to vacation. And not necessarily just in one location: Most timeshare communities offer numerous exchange opportunities with others around the world.

Many timeshare owners seem to love them. According to a recent poll of 1,600 owners for the American Resort Developers Association, 87% rated their overall ownership experience as excellent, very good or good.

Just the same, there are good reasons to get out of a timeshare. Perhaps you're getting on in years and can no longer travel, or the pandemic has forced you to stay put. Maybe the annual maintenance fees are too burdensome. Or maybe you just don't use it and want out.

Whatever the reason, the correct first step is to contact your timeshare company. If the property is still in active sales, it will tell you your options. You may not recoup any money, but ARDA CEO Jason Gamel says it's fairly easy for the company to put your slot back into its inventory. Some will do so for free; others might charge an administrative fee.

If the property is sold out, contact the management company to discuss your alternatives. If it doesn't have a resale program, perhaps it can recommend a trusted resale company, some of which are listed on the ARDA-sponsored responsibleexit.com. The management might even be able to match you with a satisfied owner who wants to purchase more weeks.

Another possibility: Gift or deed your timeshare to a family member or friend. Almost every timeshare company allows buyers to do so.

If you want to drop your timeshare because of the pandemic, but would otherwise hang on to it, know that many companies have hardship programs that allow owners to defer their payments -- sometimes for months. You may even be able to defer your maintenance fees. (Note that you might have to be current, with no outstanding charges, to qualify.)

"It's up to the owners' association," says Gamel.

The ARDA executive says there are "a number" of legit resale companies that offer their services for a flat fee or a percentage of the selling price. But beware of any company soliciting your business without hearing from you first.

Always make sure the company you choose is licensed in the state where your home property is located. Check out the company with the Better Business Bureau and your state regulator. Also, connect with the Timeshare Users Group (tug2.com), a nearly 30-year-old family-run organization offering unbiased information and advice.

Always require a written contract with detailed terms and a specific description of the services being provided. Beware, though, of a large pile of documents when signing an exit agreement.

"Scammers can use this tactic to confuse consumers" by making the process seem legitimate, or by discouraging them from reading the contract, says Caitlin Maxwell, executive director of the Tennessee Real Estate Commission.

Pay only after the promised services are performed and confirmed. It's OK to pay a reasonable fee in advance, as long as you've confirmed the company is legit. But otherwise, never pay a dime in advance. If the company tells you to stop paying your mortgage or homeowners' association fees, run -- don't walk -- to the nearest exit.

Finally, if you believe you were lied to during the original sales process, file complaints with the attorney general in your home state and in the state where the business is headquartered. Also file with the BBB and your local law enforcement agency. If they receive enough allegations, they may act.

Last year, for example, timeshare company Welk Resorts agreed to pay up to $5.5 million to settle a suit filed by the San Diego County District Attorney's Office. The suit alleged that false promises were made during sales presentations.

According to news reports, the investigation was prompted when the DA's office received "hundreds of complaints."