Pre-sale inspectionIf you love the home, inspect before you make an offer or sign a contract. Worst case scenario, you spend a few hundred dollars delving deeply into a home you don’t purchase.
The Huge Risk Home Buyers Take When They Waive Inspections
If you love the home, inspect before you make an offer or sign a contract. Worst case scenario, you spend a few hundred dollars delving deeply into a home you don’t purchase. Better to be safe than sorry.
If you do inspect the home and it passes muster, then you can waive your inspection contingency because you’ve inspected already.
The seller’s inspection
Often, the seller will have the property inspected before listing. They do this so that they can either iron out any issues in advance of listing, or so buyers know upfront exactly what they’re getting. It protects the sellers from future negotiations, and allows them to price the property correctly from the start.
The only issue is that the inspector is liable only to the person who paid for and ordered the inspection. That is the seller. If that inspector missed something, you don’t have any recourse.
Often there is a small window of time between when offers are due, and a deal starts to go forward. Sellers don’t want to lose momentum, particularly when there are multiple offers.
If the market moves fast and you need to get your offer in so quickly that there isn’t time to inspect, pre-schedule an inspection for a day or two out. If you work with a good local agent (like me) , they will have relationships with an inspector who will do that.
Writing a one- or two-day inspection contingency into your offer gives the seller comfort that they won’t lose momentum if you walk away. You get peace of mind in the meantime.
Don’t get caught up in the drama of a bidding war. If you’re getting frustrated, keep in mind the larger picture. You’re purchasing 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 sell because of structural or engineering issues you missed by waiving inspections.
Shiquilla Dreher understands that buying a home is the largest financial transaction most people make in their lives. As a professional, it is her goal to be a resource to help navigate the process of....