Skipping the inspection?

Question

Hello,

My wife and I are buying our first property. As the market leans so heavily in the sellers favor at the moment, my agent has advised me that skipping the inspection might be the make or break issue to make the seller go our way (if there are multiple offers). He says that as long as we don't notice anything wild in our walkthrough, that we might want to forgo the inspection.

Can anyone advise me on this? Is there a way for me to learn enough on my own to do a decent enough assessment on the walkthrough to make this a safe avenue?

Thank you!

Hamp Lee III · Answer

Yes, that may the make or break issue, but you should NEVER skip the inspection. This is the most expensive purchase you may ever make. If the seller passes on you for that reason, then that wasn’t the house for you. Another house will come along. Please don’t allow emotions about a house get in the way of being well-informed about the condition of a house that you’ll have to live in. You can wait. It’ll be okay. There will be another…but don’t compromise this.

(Off soapbox…)

I wish you all the best.

(Off soapbox…)

I wish you all the best.

Russell Brazil · Answer

Do the inspection before you make an offer

John Morgan · Answer

@Luke Morris Tamney

I’ve waived the inspection and took 17 properties “as is” with no inspection or appraisal contingencies. It’s worked for me and I factor in big ticket items in my offer. This all depends on your market of course. I’ve gotten all these properties at big discounts and it’s paid off. And some had sewer or HVAC issues within a year or two of buying them. But I assumed they would need to be replaced so that’s why I come in low with my offers.

Here’s what I briefly look at on a walkthrough. I look at the roof, sewer clean outs (PVC vs cast iron), HVACs, electrical boxes, water heaters, outdated kitchens and bathrooms, foundation issues and windows. I always use the listing agents and tell them my concerns on any of these big ticket items that may need to be replaced within the next 3-5 years. I tell them I’ll come up with an offer within the next few hours after I crunch some numbers if I like the house and area. I text them my offer that day and have gotten almost every property I’ve made offers on. I give the seller a hard number which many sellers like. They know my price wont come down like most offers do after the inspection. It’s a gamble but has paid off for me so far!

Chris Seveney · Answer

@Luke Morris Tamney

What state is it in?

We always recommend an inspection, way too much money involved in a deal to put to risk.

Ned J. · Answer

Unless you really know what you are looking for or have the pocketbook to deal with some huge issue that comes up, and can roll with the punches, then DO NOT waive the inspection.

Your agent wants to sell you a house.... they get paid to sell you a house.... its not their $$ on the line and if it goes south after the sale it has ZERO financial impact on them.....

Dave Skow · Answer

@Luke Morris Tamney- thanks ...the  market in the PNW is a  strong  buyers  market and  home inspections are  actually being  done  on most  transactions now  ( after having  not been  done on most  transactions for the past  few yrs  )  ....try to NOT  skip the  inspection ....if you  were  an  experienced   property owner  or tradesman - maybe  skip it .......maybe  consider dowing a pre inspection  meaning  doing the  inspection before your offer is made - good luck

Bruce Woodruff · Answer

Your agent is full of it. Agree to waive the inspection if he/she will take the risk of paying for all of the missed repair items.

As said, you must get the inspection, unless of course, you are personally able to fix anything that comes up. I used to get the upper hand over buyers with more money by offering to take the property 'As-Is', no inspections, no contingencies, short escrow, etc..... But that takes a certain skill-set AND mind-set. Do you have that? 90% of investors do not.

So spend the $500 and get the inspection. You can offer the seller the caveat that you will not bother with any minor issues like most buyers do. I.E., only issues with a projected repair cost of over $10,000....

Michael Diossa · Answer

Buying a house for you to live in? Definitely don't skip. Looking for a property to flip and make money? then might make more sense. It is always a RISK.

Eliott Elias · Answer

Hm, over here it is not a sellers market.

Waiving inspections was common during the craze, I haven't heard that being done in a while.

Theresa Harris · Answer

I wouldn't skip the inspection.  As Russell said, do the inspection prior to placing an offer.

Skipping the inspection?

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