Waive an Inspection?
Homebuyers, should you ever waive an inspection?
The process of writing offers can be daunting, especially when properties you’re interested in are seeing multiple offers. Does it make sense to waive your inspection contingency to make your offer more attractive to a seller? Oftentimes, the answer is no, and here are four reasons why.
### 1. Protecting Your Financial Interest
A home inspection protects your financial interest in what is likely the largest purchase you'll make in your life—a home. While the home may look pristine and clean, a professional inspection can uncover potentially hazardous issues such as a failing heating system, structural problems, or outdated wiring. These repairs can cost thousands of dollars down the road. It’s better to know upfront about any potential issues before proceeding with the transaction.
### 2. The Contingency Advantage
The inspection contingency allows you to conduct full inspections and request any needed repairs. Keep in mind that a seller doesn’t have to accept your request, and at that point, you can decide whether to move forward with the purchase. Sometimes, a home inspection reveals no issues, which is great for both sellers and buyers, providing peace of mind that your potential dream home is in good condition.
### 3. Walkthrough Inspection Prior to Making an Offer
If you decide to waive the inspection contingency, we strongly recommend having a walkthrough inspection done prior to making an offer. The inspector will walk through the home and provide you with a verbal report about any apparent issues. This approach is less thorough and doesn’t involve testing and scoping but can highlight red flags. Although not the preferred method, a walkthrough inspection is better than no inspection, especially when there’s strong competition.
### 4. The Bottom Line
The bottom line is that it’s worth spending several hundred dollars on a home inspection to understand the condition of the home you’re about to purchase.
This is Dave with The David Marshall Team of eXp Realty. If you would like more information on the home buying process, please contact us for our client-based approach to service excellence.
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