Are you waiving inspections in Seattle?

6 Replies

I am looking to get a feel on whether or not waiving an inspection is becoming more standard with buying SFR or small multi family properties in Seattle off the mls. I don't want to waive, but have heard from some that it is becoming more standard in this sellers market. What has your experience been?

If you're lender is really on your team, you don't need an inspection contingency. 

This is how you can game it in CA, check with folks local to you in WA:

Treat your loan contingency like your inspection contingency, get inspections, and negotiate as normal. Keep your loan/appraisal contingencies until you're satisfied with negotiations and the appraisal. You didn't have an inspection contingency, that doesn't mean you promised not to have inspections and negotiate based upon the results. 

If you want to walk, call your lender and mention in passing to her or him that you've been fired and are becoming a crack dealer. Boom, loan denied, invoke loan contingency, get your EMD back.

If the goal is to formally and officially DENY a loan, it's very easy for me. 

This isn't a super new trick, by any means.

Chris M. Is absolutely right. It's borderline unethical thought.

If it's a 3 or 4 bedroom in a good area in the 400-600k range expect at least a dozen offers and at least a couple people to waive inspection. This is absolutely crazy since they are paying 400 to hopefully win the offer.

Thanks Lane K. And Chris M. for the responses and feedback. I was wondering about the financing contingency and if that was fair game or not. Sounds boarder line for sure, but intriguing. When backing out of an offer on the financing contingency, what documents are required? How does that process work?

Originally posted by @Steven Frankel :

Thanks Lane K. And Chris M. for the responses and feedback. I was wondering about the financing contingency and if that was fair game or not. Sounds boarder line for sure, but intriguing. When backing out of an offer on the financing contingency, what documents are required? How does that process work?

 Call me and say you've been fired and are becoming a crack dealer. You really think I can't deny a loan for an unemployed criminal?

Look you can act unethically and just get your lender to make up some story on letterhead. Maybe if your not an investor and only a one time homebuyer it might fly however this is the sort of BS that drives prices up and makes honest people have to get hard money loans to pay cash and offer too much to win. It's a slippery slope people.