Northern Virginia SFH - Inspection Waiver

6 Replies

So have been in the NoVA market looking for a SFH as a primary residence, but not have a deadline or rush.

This area and market is seeing quite a push, because of low inventory and majority of the buyers going above the list by $15K-$35K, along with waiving inspection and appraisals.

So wanted to ask a few questions in terms of scoring a deal:

1-Going in with list price and waiving inspection, as long as list price is meaningful and comparative to other comps? 

2-Going above the list after some numbers calculation, but keeping all the contingencies and then possibly negotiating after appraisal?

3-After some number calculation and physically looking at the house, going lower than list and waiving contingencies?

Is there any preferred approach or method which works better or not really? Because seller would just look at the most $$$$ and least hassle(of course).

Thank you for all the help and inputs :)

You are not getting an offer accepted with an inspection contingency in NoVa on a hot property now. 25% of homes are currently being purchased all cash no contingencies. You are going to need a very aggressive escalation clause, waive inspection and possibly appraisal. Get fully preunderwritten.

Hi Syed -- I'm a seller in NOVA right now. I went on the market on Friday with a home priced just below market because I did not update the appliances (dishwasher, washer and dryer could have been upgraded). I had 16 showings Friday, 14 on Saturday and received 4 offers ranging from 1-3% above asking price. I chose the third highest offer because they waived inspection and appraisal. 50% of the offers waived inspection, 50% waived appraisal, I went with the one that waived both. 100% were above asking.

@Syed Shah I would not limit yourself to your 3 options you listed. Every situation and negotiation is different. If you find a property that works for you, your agent needs to be communicating with the listing agent to find out the sellers needs. Some sellers prefer the higher offer price no matter what. Some prefer a quicker closing, etc. Find out what they need and go from there. As Russel l mentioned - definitely get fully pre underwritten and have a close working relationship with your loan officer so that you can reduce your financing timelines as much as possible. Good luck, it's brutal out there right now!

@Syed Shah every situation when you make an offer is different and so is every seller. You have to be able to determine what the home is worth and make the terms you think would best represent your offer. It does not hurt to ask the seller what is important to them. Yes this market is merciless for buyers.