property inspection waiver

1 Reply

My mortgage lender sent us the below e-mail about waiving the inspection. I have NO concerns about the price we are paying for the house. (mature neighborhood with lots of comps and I did my homework). I obviously would like to save the money and am inclined to waive the inspection. Are there any angels I am missing? Insurance maybe? (although I have already secured insurance). Anything else?

You guys qualify for a “property inspection waiver” which means you don’t need an appraisal for your approval. The cost of the “PIW” is $75 versus $400 for the appraisal. I usually don’t get this option on a purchase transaction, but your file is strong. Let me know if you want exercise this option and I’ll cancel the appraisal for you and refund the $400 we’ve collected. It’ll speed up and simplify the process, but I’ll understand if you want to continue with the appraisal.

Hi Chris

I would think that the bank would want the appraisal for their protection, but if it will save you 400 dollars and you are absolutely sure tthere are no issues with the property, why not ? They must trust you fully. Interesting?