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't 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.
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