inspection contingencies for investment property

Member since 2023 · 22 posts · 5 votes

Hi Everyone, I am interested in purchasing an investment property for under $20,000 that clearly needs major renovations. Do I need to do a home inspection prior to purchase? The seller doesn't want any inspection contingencies. Thank you in advance for your input.

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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
2y
The contingency is set up to protect you. If for whatever reason you waive the contingency, you will forfeit your ability to cancel the purchase contract if there are some serious issues with the home and will not get your EMD back. Not doing an inspection is going to hurt you, especially on this low priced home. The property might just be a total bust if the seller does not want any inspection contingency
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