Is it advisable to Foregoing Inspection

[Karun Pillay]

I am new to Biggerpockets and this is my first post/question. I own one rental in WA and trying to purchase a second one. Is it advisable to forego inspection when buying? I lost the bid on a third property today due to another offer that did not want to have inspection done. My agent and the sellers agent both said that they would not recommend foregoing an inspection done but I have lost three deals with very competitive offers. Any advice would be appreciated.

Thanks

[Jim K.]

@Karun Pillay

It is not advisable to forego inspection. Yes, those who buy properties for cash, especially old places in poor condition, will often put forward offers to buy with no inspection contingency. Sellers like offers like these because it means that as soon as they accept the offer, the buyer's fully committed. But buyers who buy this way are successfully are DIY investors: they universally come from long-service tradesman backgrounds. They also only put these offers in on very specific types of properties, because they feel confident in their qualifications to assess the technical merits and weaknesses of these properties by themselves. It's not an approach I would recommend to anyone outside that group of hands-on investors.