Rental Property Investor · Member since 2019 · 199 posts · 42 votes
Hello everyone. Is it ever OK to waive the inspection? I put in an offer for a three family home, recently fully renovated inside and out. In speaking with the agent he mentioned I have a better chance of getting my offer excepted if I waive the inspection. What are your thoughts? 
My suggestion is to get a better agent. No good agent would suggest to waive inspection as way to improve your chances. Agents have suggested to me to offer all cash, reduce inspection period, reduce closing time, increase deposit, increase $$, etc., but never waive inspection. Not a single agent ever suggested it - I have dealt with at least 100+ agents over the years.
I don't trust anything seller tells - even if they say it is fully rehabbed. Sometimes the seller doesn't even know the structure problems, until someone does inspection. Waive inspection is a big NO for me.
Only scenarios okay to waive inspection is you are an inspector or you plan to tore down the building and do a rebuild.
@Simon Obas I have done about 500 deals, never once having an inspection. Typically in and out in 15 min or so. Also have bought many without even going inside, Its ALL about the numbers
@Simon Obas I have done about 500 deals, never once having an inspection. Typically in and out in 15 min or so. Also have bought many without even going inside, Its ALL about the numbers
Never ever waive an inspection...it's a mistake of rookies. What you can do is get a "major components only inspection" if you want to save some money. It will skip all the cosmetic items and get down to those key 4-point items that are the most important.
Please get an inspection. Please make sure it's with a licensed and bonded inspector. Attend the inspection if you can, read the report, ask questions, and get a 4-point to your insurance agent to help lower the cost of coverage.
Whenever someone asks you to waive inspection, it is hinting something is wrong especially it is recently remodeled. I would not give anyone the benefit of doubt when I make my purchases.
a 3 family is too risky to skip inspection on even though it has just been renovated. Maybe one or 2 items were skipped in renovation and won't know it without thorough inspection
Here is how we go about waiving that. Let us get inside each proeprty for about 15-20 mins each. Bring your very experienced contractor with you. You take several pics of every room have your contractor give you bids on each house. then boom next day or same day we can make an offer and waive all the inspections. (because we just did the inspections)
Sometimes yes we have bought sight unseen but its usually where we have received many great pictures already from someone we have already worked with or its just a grand freaking slam deal.
I always get an inspection, unless I'm buying a property that is already under management by my property manager from another investor that has a history of the property repairs and maintenance. Any property unknown to me or my team, I get an inspection. Rehabs could be done incorrectly or not to code, and there could be issues you cant see with the naked eye like moisture, or foundation issues you don't want to deal with. I look at it as a small price to pay in order to not have a huge expense that I am not anticipating hitting me on the back side of the purchase. Offering to purchase as-is is always beneficial to the seller, but puts unknown risk on you as the buyer.
Never never never waive the inspection. You open yourself up to major issues and then you can't back out of the contract. Sounds like the sellers are trying to hide something