Inspection Waiver Question
Hey all, what are your thoughts on the inspection waiver? In this market no houses are being bought if you require and inspection. However, the lack of an inspection presents some risk of the house having unknown issues. Is there any way to mitigate the risk of waiving the inspection? Thank you for your feedback.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Not in my market, waive the inspection if you know what you are getting into. If you are new I don't recommend it.
Do an inspection before you make the offer
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If your new to this, always get an inspection. In NY you can offer to do an "inspection for informational purposes." That means you get the inspection but you won't renegotiate. You do however have the opportunity to walk if there is a deal breaker you come across. This option will still mean that you have to pay for the inspection out of pocket, but it gives you the peace of mine while also giving you an opportunity to walk away if you find something major. This is the second most enticing thing to sellers next to waiving the inspection entirely, so it's worth a shot.
Good luck!
Quote from @Matthew Schiefer:
Hey all, what are your thoughts on the inspection waiver? In this market no houses are being bought if you require and inspection. However, the lack of an inspection presents some risk of the house having unknown issues. Is there any way to mitigate the risk of waiving the inspection? Thank you for your feedback.
Generally it's not recommended to waive the inspection, especially if you're inexperienced.
