In competitive markets, buyers sometimes believe they need to waive a home inspection to make their offer more attractive than other buyers’. But waiving an inspection could be a financially devastating decision in the long run. No matter how wonderful a home looks to the naked eye, without an inspection, there’s no way to see that problem in the HVAC system, the termite infestation, asbestos, or other lurking issues.
Emotions can run high in the hunt for the perfect home, but don’t get so emotionally attached to a property that you’re willing to cross your fingers and simply hope that everything works just fine. A few months down the road when you discover the roof has been leaking for years or that water seeps into the basement every time it rains, you’ll wish you had done more diligence before signing on the dotted line.
Here are some alternative strategies that satisfy your need to inspect while remaining competitive in your offer.
Pre-sale Inspection Contingency Options
Include a pre-sale inspection contingency with a faster turn-around time. If you or your Realtor® knows an inspector who can meet tight deadlines and can be scheduled with one or two days’ notice, that’s a huge plus for sellers. Seller’s don’t want to lose momentum in the selling process, so a shorter contingency period is more attractive for them.
Include a pre-sale inspection contingency with the intent to buy “as-is” if the report passes your benchmarks for satisfaction. This gives you the benefit of a professional inspection to identify any problems while giving the seller assurance that you won’t request repairs or further financial investment on their end. However, be prepared to accept the flaws you find or to walk away within the designated inspection timeframe if any of the findings are risky or unacceptable.
Use the Seller’s Inspection
Sometimes a seller has already had an inspection before listing their home. This helps them get in front of any issues that need to be addressed prior to marketing it. It also identifies conditions of the home upfront to all interested buyers. In a competitive market, you can choose to accept the seller’s inspection instead of having your own. The caveat in this situation is that the inspector is only liable to the party that ordered and paid for the inspection, which is the seller. That means if anything obvious was overlooked, you’d have no recourse.
Your home purchase is one of the biggest financial decisions you’ll make in a lifetime. Make sure to take the time to inspect its systems and structure thoroughly. Also keep in mind you could be stuck in a home you can’t sell because of issues missed by waiving inspections. It’s well worth several hundred dollars for an inspection to buy peace of mind or save you from purchasing a house that’s fraught with high-cost problems.