Waiving a Home Inspection vs. Waiving the Home Inspection Contingency
Never waive a home inspection. Not ever! In today’s competitive market it is normal to hear that waiving a home inspection tends to help sweeten the offer and improve your chances of winning. Let’s make sure that we know the difference between waiving the inspection vs waiving the home inspection contingency. When you agree to waive the home inspection contingency you are agreeing to accept the property in “as is” condition. (This strategy should be discussed in more depth with your Realtor or a Real Estate Attorney. There are many moving parts and not all buyers are positioned financially to do this.)
You should still have a home inspection even if you can not use it for remedies or negotiating. Why? Because should something present itself that makes you want to walk away you technically still can. Also, you can use the findings to prepare a “to do” list for your new property.
A home inspection is a non invasive visual inspection of the property. Your home inspector will look over the house’s electrical, plumbing, and HVAC systems, as well as the roof, foundation, attic, and other structures, to look for any potential problems. These inspections also involve a thorough examination of the home’s appliances to ensure that they are in good working conditions.
The Risks Involved And Potential Costs Of Waiving A Home Inspection
If you’re trying to buy a house in a competitive market and your offers are getting rejected, you might feel compelled to take drastic actions. Remember if you waive an inspection you essentially are gambling on your purchase. At least with a proper home inspection you will be positioned better to know what to expect. The property may appear to be in good condition to the typical buyer. However what you can not see or are not trained to see is typically where trouble and expenses can arise.
You don’t want to buy a home without having it thoroughly inspected, no matter how desperately you want it. Most buyers will not be able to detect asbestos, nor would they notice symptoms of a termite infestation. Not to mention the difference in cracks in your basement walls which could really be a costly expense.
What Can a Home Inspection Do For You?
The Columbus housing market is hot! And if your working with an agent that referred Grand View Property Inspections you are easily working with one of the best in the city. However it is easy to get frustrated. And you might not be able to see or think properly when you’re in the middle of a bidding war.
Just remember that you can lose a lot of money if you skip an inspection. Having an inspection can bring to light some issues that might be immediate. And it can provide you with an out should you need it. A home inspection can also help you prepare and budget for home maintenance. An article on cnbc.com showed that 3 out of 4 new home buyers face unexpected repair costs in the first year.
Avoid buyers remorse and instead prepare for upcoming expenses that come with home ownership by getting a quality home inspection.
If you waive your inspection contingency you incur full financial liability for whatever condition the property is in and whatever repairs are required. Sometimes the solution is straightforward and affordable. However, if your difficulties are severe, what you don’t know could add thousands, if not tens of thousands, to the total cost of purchasing the property.
Ultimately if you need to waive the inspection contingency to win the bidding war you should still have an inspection done. Repeat after me… Never Waive A Home Inspection! The inspection should be included in your contract for “informational purposes”. Doing so will allow you to have a general idea of what to expect in regards to maintenance and safety concerns once you take possession of the property. Having an inspection also provides you an out should something substantial present itself. As always consult with your agent or attorney as everyones situation is different. The only thing that does not change is your need to have an inspection done.