We’ve been in the Greater Victoria market long enough to see buyers make all kinds of decisions – some strategic, some emotional, and some regrettable. When the market was red-hot a few years ago, people waived everything: financing, inspections, and even reviewing strata documents. For some, it worked out. For others, it was the costliest gamble of their lives.
Today the market is more balanced, but the question still comes up: should you get a mortgage pre-approval and a home inspection, or skip them to look more competitive? The short answer is that skipping them rarely makes sense and seldom pays off long-term.
Pre-Approval: Clarity, Confidence, and Negotiating Power
A pre-approval is not just a bank saying, “You’re good for X amount.” It’s the groundwork for a successful purchase. It tells you exactly what you can afford and gives sellers confidence that you’re serious. In a balanced market like Victoria’s 2025 landscape, a buyer without a pre-approval is simply not competitive. Offers with financing uncertainty tend to fall to the bottom of the list.
We’ve seen deals fall apart because a buyer assumed their numbers would work out, only to find out a lender wouldn’t approve the condo’s age, strata bylaws, or the debt-to-income ratio. By then, the seller had wasted a week, other buyers had moved on, and everyone was left disappointed.
A proper pre-approval also protects buyers from emotional bidding. In neighbourhoods like Saanich or Fernwood, where homes are desirable and pricing feels manageable, it’s easy to chase a property higher than intended. A lender-verified budget anchors decisions.
Home Inspections: The Hidden Cost of Skipping Due Diligence
Home inspections can feel like a speed bump when you’re excited about a listing, especially if the seller hints that “other buyers are coming in clean.” That’s when mistakes happen. Victoria has an older housing stock: character homes, mid-century builds, 1980s condos, and homes renovated across several decades. Problems rarely show themselves during a 20-minute showing.
We’ve had clients who waived inspections and later discovered issues like poly-B plumbing, improperly vented bathrooms, hidden water damage behind drywall, or foundations that shift seasonally on rock bed. One buyer saved a few hundred dollars by skipping an inspection and then paid tens of thousands after possession.
An inspection is not there to scare you or give you bargaining leverage. It’s decision-making insurance. It shows what’s urgent, what’s routine maintenance, and what’s predictable down the road. In Victoria’s climate – wet winters, salt air near the coast, and our love for older homes – understanding the condition of the property is essential.
Does Skipping Conditions Actually Make You More Competitive?
The myth is that a “clean” offer automatically beats every conditional offer. That was sometimes true in bidding-war days between 2021 and mid-2022. It is less true today. Strong sellers tend to choose strong buyers. They want certainty and professionalism, not last-minute chaos.
A clean offer without pre-approval is a risk for them. A clean offer without an inspection is a liability for you.
What Moves Offers Forward Today:
- Solid deposits
- Clear pre-approval documentation
- Realistic possession dates
- Respectful negotiation
Those elements build trust. Skipping due diligence does the opposite.
The Victoria Difference
Every local market behaves differently, and Victoria is a unique one. Inventory is balanced, but quality homes still draw attention. Sellers know they will attract multiple showings, and most understand that serious buyers will want conditions. The right offer today is the one that shows competency, not recklessness.
When we sit across from a seller reviewing offers, the ones that stand out are prepared, cleanly structured, and backed by a qualified lender, not the ones that gamble.
Final Thoughts
If you truly love a home, protect the purchase. Get pre-approved so you know what you can safely pay. Get an inspection so you understand what you’re taking responsibility for. Competitive offers are not made by cutting corners; they’re made by showing that you are a buyer who will close calmly and professionally.
Tatiana Small, 5-Star Review, via Google
“Absolutely phenomenal service from start to finish! Scott took the time to really get to know us and understand our likes and dislikes, what were dealbreakers and what really sold us in finding our perfect first home! Being first time homebuyers, he was extremely patient with all of our questions and very thorough when it came down to the finer details. Without a doubt, I would recommend him to everyone!”
Faber Real Estate GroupRoyal LePage Coast Capital Realty📞 250-244-3430
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ℹ️ Scott Faber Personal Real Estate Corporation
ℹ️ Cal Faber Personal Real Estate Corporation
Vanessa Wood & Zachary Parsons
“Building Lasting Relationships, One Home at a Time.”
