Waving The Home Inspection Is A Big Gamble.

Reblogger Laura Filip RE/MAX UTOPIA | 903-271-4978
Real Estate Broker/Owner with RE/MAX UTOPIA , Serving all of Texoma TREC # 0488771

Waving the inspection is it really all that important ??? Yes it is ... Read the article below. 

Original content by Jon Kolsky 01311273

 

Waving The Home Inspection Is A Big Gamble.

 

 

 

As a home buyer, you want to make your offer as attractive as possible. But waiving the home inspection may sound like a great strategy, but it is a big gamble at the very least. And here’s why.

 

Buyers in a competitive housing market need to sharpen up their pencil before making an offer, so they don’t get beat out by others buyers. Besides offering a quick closing date or more than the asking price, some buyers might be tempted to agree to waive the home inspection.

 

Agreeing to waive the home inspection isn’t such a great idea and could be a big gamble that’s not worth taking. Sure, the home may look amazing to the eye, but it is the things that cannot be identified (and or) the things beyond the surface that can turn your gamble into a gigantic mistake.

 

Here are just a couple of examples of what a typical buyer might have no clue about until they get the home inspected by a professional home inspector. Typical buyers have no idea about the electrical system, the water heater, the HVAC system, the roof, and the plumbing. Typical buyers won’t be able to see termite evidence or spot asbestos among other things in the home, as well.

 

Here’s what buyers need to keep in mind when it comes to waving the home inspection. In spite of loving the home or how fervently attached you are to it, buying the home without having it inspected by a professional can work out badly in the long run. Just imagine a few months down the road, and you’re all settled into your new home. You won’t be happy when you go to turn the AC on and realize it doesn’t work — and then you’ll be kicking yourself when you find out it is going to be $15,000 to replace the system.

 

Not only is buying a home a major deal, but buying a home is also strenuous and emotional, too, and you don’t want to get caught up and make a big mistake; it can cost you a small fortune and or worse. Buyers that are experiencing bidding wars and are several months into the home buying process start to think less clearly, and that’s when things can start to go sideways.

 

One good alternative solutions to satisfy your need to inspect, while remaining competitive is to write a one-day or two-day inspection contingency into your offer. By writing a one-day or two-day inspection contingency – this will allow you the opportunity to inspect the home, and at the same time, it allows the seller comfort that they won’t lose momentum if you walk away. And when you do inspect the home, and it passes with flying colors, then you can waive your inspection contingency because you’ve inspected already.

 

In a seller's market (particularly when there are multiple offers) often there is a small window of time between when offers are due, and when the deal starts to go forward. Buying a home is the biggest asset of your life. Markets change, and you don’t want to find yourself in a home you can’t afford or, much worse, can get out of because issues you missed by waiving inspections. Bottom line; you want to move quickly to give yourself a competitive edge, but you have to be smart at the same time.

 

 

NOBODY DOES IT BETTER

Your Local Real Estate Connection 

 

  

 
   
 
5305 E 2nd St #206, Long Beach, CA 90803 

License: 01311273   Phone: 562-225-2296 | Fax: 562-439-0511 

Email: jmkinfo66@gmail.com  

Just ask me & get a professional home value estimate - FREE and with no obligation of course.  

Here’s a look at Long Beach California.   

  

 

 

  

 
 
Home Searching in Long Beach: Made it Easy Finding a Home in Long Beach: Long Beach Homes For Sale  Long Beach Condos For Sale Long Beach Short Sales Long Beach Foreclosures
 
 

 

 
 
© 2016 KGP Real Estate. All rights reserved
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices

Spam prevention
Show All Comments
Rainmaker
94,244
Eva B. Liland with Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service

That is a great idea!

"By writing a one-day or two-day inspection contingency – this will allow you the opportunity to inspect the home, and at the same time, it allows the seller comfort that they won’t lose momentum if you walk away. And when you do inspect the home, and it passes with flying colors, then you can waive your inspection contingency because you’ve inspected already."

Aug 11, 2017 02:30 AM #1
Rainmaker
1,396,039
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

Laura Filip RE/MAX UTOPIA | 903-271-4978 It has been extremely rare for any of our buyers to refuse to have a home inspection. When it did occur, we would have the buyer sign a 'Hold-Harmless' Statement to provide us with a level of indemnification.

Aug 11, 2017 05:53 AM #2
Rainmaker
3,334,828
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Not only a gamble but it could boarder on stupid.  Very Very few people really know what to look for when looking for issues in a home.

Aug 11, 2017 06:18 AM #3
Rainmaker
1,190,651
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

Laura Filip RE/MAX UTOPIA | 903-271-4978 ~ thanks for spreading the word and I appreciate the re-blast

Aug 11, 2017 10:26 AM #4
Rainmaker
3,224,434
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Laura

Waving the home inspection can turn out to be a nightmare.

Good luck and success.

Lou Ludwig

Aug 20, 2017 07:30 PM #5
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
584,215

Laura Filip RE/MAX UTOPIA | 903-271-4978

Your locally owned RE/MAX OFFICE
How may we Assist you?
*
*
*
*
Spam prevention

Additional Information