I walked the property and made an offer on the spot, 3 hours later we had an accepted offer, 15 days later we closed.

Clearly, they are open to inspection contingencies, and assuming the first buyer told the seller why they walked, now the seller has knowledge and needs to disclose active mold and potential structural issues.

For instance lets say you find a small multi that will cash flow so you take the jump walk through it talk to a mortgage lender and figure out do you have the reserves and cash to close when you hit that point make the jump. 

Same with heat; there are many stories of landlords who go by their rentals in the middle of winter and find the heat jacked up to searing levels, tenants walking around in shorts and half the windows in the place open.

This will leave me no recourse for any damages found during the walk through. 

I think we got lucky too, as our place is walking distance to the elementary school and the schools in NW Reno in general are pretty decent (I don't have any first hand knowledge on this just going off what what we are experiencing now). 

@JD MartinWe were lucky enough to buy a townhouse (part of a duplex) in a very desirable neighborhood 10 minutes walk from St Pete's Beach Dr. 

You can't walk into a restaurant and just say, "I'm really hungry" and expect them to give you free food.

He was so weak he can hardly walk.

The convenience of being able to walk to get your soy latte or see that indie film from the Czech Republic.